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TheMortgageReports.com reported the median price of a home sold in the United States hit a record high in 2020 at just above $320,000. Juan Carlos

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TheMortgageReports.com reported the median price of a home sold in the United States hit a record high in 2020 at just above $320,000. Juan Carlos Soto, Jr., wants to purchase a new home for $328,500. Juan puts 20% down and will finance. the remainder of the purchase. Compare the following two mortgage options he has: 25 years at 6.5% or 30 years at 6.5%. (Use Table 151) Note: Round your intermediate calculations and final answers to the nearest cent. a. Calculate Juan's monthly payment for both the 25 and 30 year mortgage? b. Calculate Juan's total cost of interest for both the 25 and 30 year mortgage? TABLE 15.1 Amortizationa table (mocigage principal and interest pre 51,0001)

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