PLEASE SHOW CALCULATIONS, DO NOT USE EXCEL

Using the mortgage calculator at: http://www.mortgagecalculator.org/ , and assuming that: (a) each loan is 80% of total home value; (b) the buyers credit is Good, (c) the home is a New Purchase, and (d) the taxes and PMI, etc. are not included (put zeros in these spaces) ---complete the following table:

Home Value	Loan Amount	Loan Terms	Monthly Pymt.	Total Interest	Total Payments
$312,500	$260,000	4.15%, 15 yrs.
$312,500	$260,000	4.15%, 20 yrs.
$312,500	$260,000	4.15%, 30 yrs.

a. What is the relationship between the length of the loan and the monthly payment?

b. What trends do you notice relative to the interest paid in the above scenarios?