use PMT

Points: 0 Of 1 The price of a home is $230,000. 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? Use the following formula to determine the regular payment amount. P (:) PMT = Find the monthly payment for the 15-year option (Round to the nearest dollar as needed.)