How much will he owe after making payments for $8$ years? Examine the remaining balance formulas below for each loan and explain what the numbers that have replaced the variables in the formulas represent. For the $20$ year loan: B $=1048\mathrm{.}31[1(1+\mathrm{.}03312)(24096)\mathrm{.}03312]$ For the $30$ year loan: B $=765\mathrm{.}86[1(1+\mathrm{.}02912)(36096)\mathrm{.}02912]$ D$.$ How much in total interest will he pay over the term of each loan? Show all of your calculations. What assumptions did you make when doing these calculations?