Part III: 15 Year MortgagePart III: 15 Year Mortgage In this part of the lab you will examine the values associated with a 1515 year mortgage. You will use the same purchase price, down payment, and loan amount from Question 1. Start by confirming you have those correct values. Original purchase price (from Question 1)=$Original purchase price (from Question 1)=$254800 Down Payment=$Down Payment=$ Loan Amount=$Loan Amount=$ Typically, the annual interest rate on a 1515 year loan is lower than on a 3030 year loan. Assume that you have found a 1515 year loan with an annual interest rate of 3.62%3.62%. Express the annual interest rate as a decimal. The annual interest rate expressed as a decimal isThe annual interest rate expressed as a decimal is . As you did for the 3030 year mortgage in Question 1, compute the monthly payment for the 1515 year loan. Again, use the loan formula to find the monthly payment, dd. The loan formula solved for dd is: d=P0(rk)(1(1+rk)Nk)d=P0(rk)(1-(1+rk)-Nk) Hint: what value will you use for NN this time? Monthly Payment=$Monthly Payment=$ Assuming you make the monthly payment each month for 1515 years, what will be the total amount repaid? Total payments=$Total payments=$ Find the total amount of interest paid over the 1515 years. To do so, subtract the amount originally borrowed from the total payments. Total interest paid=$Total interest paid=$ Compare the total interest paid with this 1515 year mortgage to the total interest paid with the 3030 year mortgage (from Question 1). How much would you save in interest if you use the 1515 year mortgage? Difference in interest paid=$Difference in interest paid=$