1. _ ____________________________________________

2. You are considering buying a $350,000 piece of property and have two purchase options (a and b).
   1. The details of loan a are:
      • This will be a 30-year mortgage.
      • The annual interest rate will be 6.5%.
      • You will make semi-annual payments
      • You will have a down payment of $20,000
4. 2. The details of loan b are:
      • This will be a 20-year mortgage.
      • The annual interest rate will be 5.5%.
      • You will make quarterly payments
      • There is no down payment
      • What is the total payment amount of interest to be paid on each loan?