Phil Pittman is interested in a fixed-rate mortgage for $200,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 4.5% for the 15-year mortgage and 5% for the 30-year mortgage.

(Round your answers to the nearest dollar. Use this table, if necessary.)

7.65
the Table Factor	15 yr & 4.5%
5.37
the Table Factor	30yr & 5%

(a)What are the monthly principal and interest payments (in $) for each loan?

15-year mortgage$

30-year mortgage$

(b)What is the total amount of interest (in $) paid on each loan?

15-year mortgage$

30-year mortgage$

(c)Overall, how much more interest (in $) is paid by choosing the 30-year mortgage?$