The following formula is used for figuring out a monthly home mortgage payment: 1411+ 12 Lr M=- 12 12 7(121) 121 Where: L= the loan amount in dollars r=the annual interest rate expressed as decimal t=the number of years of the loan M=the monthly payment in dollars You are looking to buy a $525,000.00 home in Haverhill. If Bank of America will give them a 30-year mortgage at 6.25% annual interest rate for the cost of the house after they receive a 20% down payment. A. Determine the loan amount? B. How much their monthly payment will be? C. At the end of the 30-years, how much total money will you have paid to Bank of America for your home? In another word how much did the $525,000.00 house really cost the couple? D. How much interest will they have paid? E. How many of her monthly payment go toward the interest? F. What percent increase over the cost of the home does this interest represent? Quantitative Reasoning Project G. Redo and re-answer all questions, but this time for 15 years? Do analysis comparison between 30 and 15 years mortgage (at least one page not double spacing).