You have decided to buy a house. The house will cost $169,000. You have saved enough for a down payment of $30,000. The interest rate for the mortgage is 5.9%, regardless of the term. You aren't sure if you want a 15-year mortgage or a 30-year mortgage. To decide, you must consider whether the payments are affordable. A monthly mortgage payment should be less than 25% of your monthly income.

1. What is the monthly payment for the 15-year mortgage?

2. What is the total amount of interest you will pay over the life of the mortgage?

3. What is the monthly payment for the 30-year mortgage?

4. What is the total amount of interest you will pay over the life of the mortgage?

5. What is the difference in the amount you will pay in interest over the life of your mortgage between the 30-year and 15-year mortgages?