What is the difference in the monthly payment amount for each loan? Show work here: What is the difference in the amount of principal paid off with the first payment of each loan? $ Show work here: What is the savings, in total interest, over the life of the loan due to the shorter, 15-year amortization vs. the 30-year term? $ WOW!!! lepayment Schedule: $250,000 @ % for 30 Year PMT Monthly Paymen Interest Portionrincipal Reductio 1 2 3 + 359 360 Totals 1 2 3 1,663.26 1,663.26 1,663.26 179 180 Totals 1,663.26 1,663.26 598,774 lepayment Schedule: $250,000 @ 7% for 15 Year PMT Monthly Payment Interest Portionrincipal Reductio 2,247.07 2,247.07 2,247.07 1,458.33 1,457.14 1,455.94 2,247.07 2,247.07 404,473 19.21 9.62 348,774 1,458.33 1,453.73 1,449.10 204.93 206.12 207.32 25.99 13.03 154,473 1,644.05 1649.11 250,000 788.74 793.34 797.97 2,221.08 2,234.37 250,000 Loan Balance ########## 249,795.07 249,588.95 249,381.63 1,649.11 0 Loan Balance ########## 249,211.26 248,417.92 247,619.95 2,234.37 0