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 $305,500. Juan puts 20% down and will finance the remainder of the purchase. Compare the following two mortgage options he has: 10 years at 3.5% or 15 years at 5%. (Use Table 15.1.) Note: Round your Intermedlate calculations and final answers to the nearest cent. a. Calculate Juan's monthly payment for both the 10 and 15 year mortgage? b. Calculate Juan's total cost of interest for both the 10 and 15 year mortgage? c. What is the difference in Interest pald between 10 and 15 year mortgage? Amortization table (mortgage principal and interest per $1,000 ) \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline Rate & \begin{tabular}{c} Interest \\ Only \\ \end{tabular} & 10 Year & 15 Year & 20 Year & 25 Year & 30 Year & 40 Year \\ \hline 2.000 & 0.16667 & 9.20135 & 6.43509 & 5.05883 & 4.23854 & 3.69619 & 3.02826 \\ \hline 2.125 & 0.17708 & 9.25743 & 6.49281 & 5.11825 & 4. 29966 & 3.75902 & 3.09444 \\ \hline 2.250 & 0.18750 & 9.31374 & 6.55085 & 5.17808 & 4.36131 & 3.82246 & 3.16142 \\ \hline 2.375 & 0.19792 & 9.37026 & 6.60921 & 5.23834 & 4.42348 & 3.88653 & 3.22921 \\ \hline 2.500 & 0.20833 & 9.42699 & 6.66789 & 5.29903 & 4.48617 & 3.95121 & 3.29778 \\ \hline 2.625 & 0.21875 & 9.48394 & 6.72689 & 5.36014 & 4.54938 & 4.01651 & 3.36714 \\ \hline 2.750 & 0.22917 & 9.54110 & 6.78622 & 5.42166 & 4.61311 & 4.08241 & 3.43728 \\ \hline 2.875 & 0.23958 & 9.59848 & 6.84586 & 5.48361 & 4.67735 & 4. 14892 & 3.50818 \\ \hline 3.000 & 0.25000 & 9.65607 & 6.90582 & 5.54598 & 4.74211 & 4.21604 & 3.57984 \\ \hline 3.125 & 0.26042 & 9.71388 & 6.96609 & 5.60876 & 4.80738 & 4.28375 & 3.65226 \\ \hline 3.250 & 0.27083 & 9.77190 & 7.02669 & 5.67196 & 4.87316 & 4.35200 & 3.72541 \\ \hline 3.375 & 0.28125 & 9.83014 & 7.08760 & 5.73557 & 4.93945 & 4.42096 & 3.79930 \\ \hline 3.500 & 0.29167 & 9.88859 & 7.14883 & 5.79960 & 5.00624 & 4.49045 & 3.87391 \\ \hline 3.025 & 0.30208 & 9.94725 & 7.21037 & 5.86404 & 5.07352 & 4.56051 & 3.94923 \\ \hline 3.750 & 0.31250 & 10.00612 & 7.27222 & 5.92888 & 5.14131 & 4.63116 & 4.02526 \\ \hline 3.875 & 0.32292 & 10.06521 & 7.33440 & 5.99414 & 5.20959 & 4.70237 & 4.10198 \\ \hline 4.000 & 0.33333 & 10.12451 & 7.39688 & 6.05980 & 5.27837 & 4.77415 & 4.17938 \\ \hline 4.125 & 0.34375 & 10.18403 & 7.45968 & 6.12587 & 5.34763 & 4.84650 & 4.25746 \\ \hline 4.250 & 0.35417 & 10.24375 & 7.52278 & 6.19234 & 5.41738 & 4.91940 & 4.33620 \\ \hline 4.375 & 0.36458 & 10.30369 & 7.58620 & 6.25922 & 5.48761 & 4.99285 & 4.41559 \\ \hline 4.500 & 0.37500 & 10.36384 & 7.64993 & 6.32649 & 5.55832 & 5.06685 & 4.49563 \\ \hline 4.025 & 0.38542 & 10.42420 & 7.71397 & 6.39417 & 5.62951 & 5.14140 & 4.57629 \\ \hline 4.750 & 0.39583 & 10.48477 & 7.77832 & 6.46224 & 5.70117 & 5.21647 & 4.65758 \\ \hline 4.875 & 0.40625 & 10.54556 & 7.84297 & 6.53070 & 5.77330 & 5.29208 & 4.73947 \\ \hline 5.000 & 0.41667 & 10.60655 & 7.90794 & 6.59956 & 5.84590 & 5.36822 & 4.82197 \\ \hline 5.125 & 0.42708 & 10.66776 & 7.97320 & 6.66881 & 5.91896 & 5.44487 & 4.90505 \\ \hline 5.250 & 0.43750 & 10.72917 & 8.03878 & 6.73844 & 5.99248 & 5.52204 & 4.98870 \\ \hline 5.375 & 0.44792 & 10.79079 & 8.10465 & 6.80847 & 6.06645 & 5.59971 & 5.07293 \\ \hline 5.500 & 0.45833 & 10.85263 & 8.17083 & 6.87887 & 6.14087 & 5.67789 & 5.15770 \\ \hline 5.625 & 0.46875 & 10.91467 & 8.23732 & 6.94966 & 6.21575 & 5.75656 & 5.24302 \\ \hline 5.750 & 0.47917 & 10.97692 & 8.30410 & 7.02084 & 6.29106 & 5.83573 & 5.32888 \\ \hline 5.875 & 0.48958 & 11.03938 & 8.37118 & 7.09238 & 6.36682 & 5.91538 & 5.41525 \\ \hline 6.000 & 0.50000 & 11.10205 & 8.43857 & 7.16431 & 6.44301 & 5.99551 & 5.50214 \\ \hline 6.125 & 0.51042 & 11.16493 & 8.50625 & 7.23661 & 6.51964 & 6.07611 & 5.58952 \\ \hline 6.250 & 0.52083 & 11.22801 & 8.57423 & 7.30928 & 6.59669 & 6.15717 & 5.67740 \\ \hline 6.375 & 0.53125 & 11.29130 & 8.64250 & 7.38232 & 6.67417 & 6.23870 & 5.76575 \\ \hline 6.500 & 0.54167 & 11.35480 & 8.71107 & 7.45573 & 6.75207 & 6.32068 & 5.85457 \\ \hline 6.625 & 0.55208 & 11.41850 & 8.77994 & 7.52950 & 6.83039 & 6.40311 & 5.94385 \\ \hline 6.750 & 0.56250 & 11.48241 & 8.84909 & 7.60364 & 6.90912 & 6.48598 & 6.03357 \\ \hline 6.875 & 0.57292 & 11.54653 & 8.91854 & 7.67814 & 6.98825 & 0.56929 & 6.12373 \\ \hline 7.000 & 0.58393 & 11.61085 & 8.98828 & 7.75299 & 7.06779 & 6.65302 & 0.21431 \\ \hline 7.125 & 0.59375 & 11.67537 & 9.05831 & 7.82820 & 7.14773 & 6.73719 & 6.30531 \\ \hline 7.250 & 0.60417 & 11.74010 & 9.12863 & 7.90376 & 7.22807 & 6.82176 & 6.39672 \\ \hline 7.375 & 0.61458 & 11.80504 & 9.19923 & 7.97967 & 7,30880 & 6.90675 & 6.48852 \\ \hline 7.500 & 0.06250 & 11.87017 & 9.27101 & 8.05593 & 7.38991 & 6.99215 & 6.58071 \\ \hline 7.026 & 0.63542 & 11.93552 & 9.34130 & 8.13254 & 7+47141 & 7.07794 & 6.67327 \\ \hline 7.750 & 0.64583 & 12.00106 & 9.41276 & 8.20949 & 255329 & 7.16412 & 6.76620 \\ \hline 7.875 & 0.65625 & 12.06681 & 948450 & 8.28077 & 203554 & 7.25069 & 6.85948 \\ \hline 8.000 & 0.66667 & 12.13276 & 9.55652 & 8.36440 & 7.71816 & 7.33765 & 6.95312 \\ \hline \end{tabular}