se PMT =[1(1+nt)m]p(nt) to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $55,000. The bank requires a 5% down payment. The buyer is Ifered two mortgngo options: 20 -year fred at 7% or 30 -year fixed as 7%. Catculate the amount of imterest paid for each opton. How much does the buyer save in interest with the 20 -year option? Find the monthly payment for the 20 -year option. (Round to the nearest dollar as needed)