The price of a home is $200,000. The bank requires a 15% down payment. The buyer is offered two mortgage options: 15-year fixed at 8% or 30-year fixed at 8%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 15-year option?

find the monthly payment for the 15-year option

find the monthly payment for the 30-year

Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 15-year option?