P5-55 Monthly loan payments Ricky is considering purchasing an apartment costing $700,000. He will pay a 30% down payment and take out a mortgage for the remainder. Sice he just got married and wants to save some money for future use, he will choose the plan with the lowest monthly payment. After visting several banks, he received the following mortgage offers: Bank Interest rateTerm (years 15 20 25 I8 3.5% 4.5