Question: please answer 2 question below, it will be better if you can write the explanation for me. You plan to purchase an $120,000 house using
please answer 2 question below, it will be better if you can write the explanation for me.


You plan to purchase an $120,000 house using a 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 4.5 percent. You will make a down payment of10 percent of the purchase price. 3. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 250th payment. c. Calculate the amount of interest and, separately. principal paid in the 280th payment. d. Calculate the amount of interest paid over the life of this mortgage. (For all requirments, do not round intermediate calculations. Round your answer to 2 decimal places. (e.g.. 32.16)) Monthly payment Amount of interest Amount of principal c. Amount of interest Amount of principal d. Amount of interest paid You plan to purchase a $310,000 house using either a 25-year mortgage obtained from your local savings bank with a rate of 7.50 percent, or a 10-year mortgage with a rate of 6.50 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate the amount of interest and, separately, principal paid on each mortgage. What is the difference in interest paid? b. Calculate your monthly payments on the two mortgages. What is the difference in the monthly payment on the two mortgages? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (2.9., 32.16)) Interest under 10-year mortgage Interest under 25-year mortgage Difference in interest paid Monthly payment under 10-year mortgage Monthly payment under 25year mortgage Difference in monthly payment
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