Luis Schambach is shopping for a 15-year mortgage for $150,000. Currently, the Fortune Bank is offering an 8.5% mortgage with 4 discount points; the Northern Trust Bank is offering an 8.75% mortgage with no points. Luis is unsure which mortgage is a better deal and has asked you to help him decide. (Remember, each discount point is equal to 1% of the amount financed.) a. What would be the total interest paid on each loan? Mortgage amount = Fortune Bank Rate = Table factor = Payment = Total payment = Total interest = Northern Trust Bank b. Taking into account the closing points, which bank is offering a better deal and by how much? Fortune Bank Northern Trust Bank Interest = Number of points = Amount of loan = Value of points = Int. + Pts = Int. only = Bank by