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 $311,500. Juan puts 20% down and will finance the remainder of the purchase. Compare the following two mortgage options he has: 20 years at 4.5% or 25 years at 5.5%. (Use Table 15.1.) Note: Round your intermediate calculations and final answers to the nearest cent.

A. Calculate Juan's monthly payment for both the 20 and 25 year mortgage?

Monthly Payment for 10 year mortgage ??

Monthly payment for 15 year mortgage??

B. Calculate Juan's total cost of interest for both the 20 and 25 year mortgage?

Total cost of interest for 10 year mortgage ??

Total cost of interest for 15 year mortgage ??

What is the difference in interest paid between 20 and 25 year mortgage?

Difference?

TABLE 15.1 Amortization table (mortgage principal and interest per $1,000 )