Increasing the down payment on a mortgage reduces both the size of the monthly payments and the total interest paid. Calculate (a) the reduction in the monthly payment by increasing the down payment by the amount specified, and (b) the amount saved on interest over the life of the loan. Assume the mortgage is for 30 years and use the amortization table to find the monthly payments. Increase in Amount of Loan Interest Rate Down Payment Down payment $162,000 5% $38,000 $15,000 Click the icon to view a table of monthly payments on a $1,000 loan. a. The monthly payment will be reduced by $ 80.55 when the down payment is increased by $15,000. (Round to the nearest cent as needed.) b. Increasing the down payment by $15,000 saved $ on interest over the life of the loan. (Round to the nearest cent as needed.) Monthly Payment on a $1,000 loan Number of Years for the Loan Annual Interest Rate 3 4% 4 $29.53 $22.58 $10.12 $6.06 10 20 30 $4.77 5% 29.97 23.03 10.61 6.60 5.37 6% 30.42 23.49 11.10 7.16 6.00 8% 31.34 24.41 12.13 8.36 7.34 10% 32.27 25.36 13.22 9.65 8.78