Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

Exercise 9

Phil Pittman is interested in a fixed-rate mortgage for $100,000. He is undecided whether to choose a 15- or 30-year mortgage. The current mortgage rate is 5.5% for the 15-year mortgage and 6.5% for the 30-year mortgage.
a. What are the monthly principal and interest payments for each loan
b. What is the total amount of interest paid on each loan
c. Overall, how much more interest is paid by choosing the 30-year mortgage