Please help explain each part. Want to know how to do future problems. Remember also to walk me through both at 30 and 15! Thank you much! :) want to know how to do these!

#1) - The following formula is used for figuring out a monthly home mortgage payment: 7121 Lr 1+ 12 L - the loan amount in dollars M = 121 r - the annual interest rate 12 1 - 1 - the number of years of the loan 12 M - the monthly payment in dollars A couple is looking to buy a $442,000 home near Click the link to view the home: Home For Sale Bank of America will give them a 30-year mortgage at 3.1% annual interest for the cost of the house, after the bank receives a 10% down payment. Do not round any calculations until the final answer. a) What is the couple's down payment amount? b) What is the couple's loan amount? c) How much is each monthly payment? d) At the end of 30-years, what is the total amount of money the couple will have paid for their home? e) How much total interest will they pay over time? f) After a certain period of time the original price of the house is essentially paid off and each monthly payment is going towards interest. How many of their monthly payments go toward interest? Round this value up to the next whole number, Rework all questions, but this time for a 15-year mortgage at 2.4% annual interest. Use complete sentences and proper grammar and spelling to do analysis comparison between the 30- and 15-year mortgages. What are the pros and cons for each option? What are factors that could affect the choice? (at least 10 sentences)