Lower the interest rate provided in your classmate's post by one percentage point. Determine the amount of interest your classmate will pay with this new interest rate and how much money will be saved over the length of the loan. Write a 1-paragraph memo to your classmate explaining why the new interest rate is the better choice."In this week's discussion, I will be using the example of myself taking out a home loan for $100,000. I will have an interest rate of 5% over the span of a 30 year (360 months) mortgage. Interest = $100,000 x 0.05 x 30 = $150,000 So for my $100,000 home loan I will pay $150,000 in interest over my 30 year mortgage. Total Cost = $100,000 + $150,000 = $250,000 So for my total cost of the 30 year loan I will pay $250,000