The Martinezes are plannng to refinance their home. The outstanding additional finance charges. Round your answers to the nearest cent.) Option A: A fixed-rate mortgage at an interest rate of 2.5% year compounded monthly, payable over a 30 -year period in 360 equal monthly instalments. Option B: A fixed-rate mortgage at an interest rate of 2.25% year compounded monthly, payable over a 12 -year period in 144 equal monthly (a) Find the monthly payment required to amortize each of these loans over the life of the loan. option A option B $ (b) How much interest would the Martinezes save if they chose the 12-year mortgage instead of the 30-year mortgage? $