Please show all work. (Finance Calc) Or excel.

You are considering the purchase of a new home. You intend to borrow $275,000. You are discussing financing options with a mortgage broker. The mortgage broker tells you that you may take a 30-year loan, with monthly payments, at an interest rate of 2.75%/annum. Alternately, you may take a 15-year loan, also with monthly payments, at an interest rate of 2.0%/annum. The first payment on ether loan will be due one month from the closing date of the loan.

What is the monthly loan payment on the 30-year loan? _______________________

What is the monthly loan payment on the 15-year loan? _______________________

What is the Effective Annual Interest Rate of the-30 year loan? _____________________

Assume that you will live in the house for the entire term of the 30-year loan and make all payments on time, how much interest would you save by financing the house over 15 years as compared to financing it over 30 years?

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