Marie and John just got married. They have $6,000 for the down payment for their dream house. The house costs $62,000

a. If interest rate is 7%, how much will their monthly payment be if they finance the house for 30 years? (Payments are made at the end of the month)

b. How much interest will they pay during that time?

c. How much are their payments if they finance the house for 15 years instead of 30 years?

d. How much interest will they pay on the loan in 15 years?

e. How much have they saved by going from a 30 year loan to a 15 year loan?