Use PMT $=\frac{P(\frac{r}{n})}{[1-(1+\frac{r}{n}{)}^{-nt}]}$ to determine the regular payment amount, rounded to the nearest dollar. The price of a

small cabin is $$45,000.$ The bank requires a $5\%$ down payment. The buyer is offered two mortgage options: $20-$year

fixed at $7\%$ or $30-$year fixed at $7\%.$ Calculate the amount of interest paid for each option. 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.$)$