Question: Use PMT to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $30,000. The bank requires a

Use PMT to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $30,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 7% or 30-vear 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.) Find the monthly payment for the 30-year option SO (Round to the nearest dollar as needed) Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 20 year option? (Use the answers from parts 1 and 2 to find this answer) 11 Enter your answer in each of the answer boxes

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