Your friends suggest that you take a 15 -year mortgage, because a 30 -year mortgage is too long and you will pay a lot of money on interest. If your bank approves a 15 -year, $800,000 loan at a fixed nominal interest rate of 9% (APR), then the difference in the monthly payment of the 15 -year mortgage and 30 -year mortgage will be ?(Note: Round the final value of any interest rate used to four decimal places.) It is likely that you won't like the prospe nore money each month, but if you do take out a 15-year mortgage, you will make far fewer payments and will pay a lot less in intert 7 more total interest will you pay over the life of the loan if you take out a 30-year mortgage instead of a 15 -year mortgage? $1,182,341.77