You are about to buy your first home. The home has a sale price of $ 137,000. Your bank offers you two options: a) a 15-year home loan with an annual interest of 5.5% compounded monthly b) a 30-year mortgage loan with an annual interest of 5.0% compounded monthly

Determine the amount paid in interest to the bank at the end of the mortgage for the 30-year loan (show your calculations)

a. $ 110,298.00

b. $ 156,342.00

c. $ 127,762.00

d. $ 98,278.00