Question: Use PMT to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $55,000. The bank requires a

Use PMT to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $55,000. The bank requires a 5% Dr down payment. The buyer is offered two mortgage options: 20-year fixed at 9.5% or 30-year fixed at 9.5% much does the buyer save in interest with the 20-year option? Calculate the amount of interest paid for each option. How 0 11 Find the monthly payment for the 20-year option OS (Round to the nearest dollar as needed) Find the monthly payment for the 30-year option (Round to the nearest dollar as needed) Calculate the total cost of interest for both mortgage options. How much does the buyer S (Use the answers from parts 1 and 2 to find this answer) the 20-year option? Omin Enter your answer in each of the answer boxes

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