Phil Pittman is interested in a fixed-rate mortgage for $400,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 8% for the 15-year mortgage and 8.5% for the 30-year mortgage. (Round your answers to the nearest dollar. Use this table, if necessary.)

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

15-year mortgage $

30-year mortgage $

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

15-year mortgage $

30-year mortgage $

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

$