Part 1 You are planning to purchase a house that will require a mortgage of $300,000. You nd 2 mortgage offers both at the same rate of 2.5%. One is a 30-year mortgage and the other is a 20year mortgage. 1. You know, without any computation, that the 30-year mortgage will have lower monthly payments than the 20year mortgage since the rates are the same. A friend advised that before taking the 30year mortgage offer, you do some mathematical calculations to see if your budget can handle the extra amount of monthly payment for the 20year mortgage. a. What would be the monthly payment on the 30year mortgage? b. What would be the monthly payment on the 20year mortgage? 2. You ask your friend what advantage there is to be paying more per month on the 20-year mortgage. Your friend replies that it is all about total interest. a. What is the total interest you would pay over the full term of the 30year mortgage? b. What is the total interest you would pay over the full term of the 20year mortgage