You have been shopping for a new home. You have a choice of financing. You can choose either a $ 200,000 mortgage at 4.75 percent for 30 years, or a $ 200,000 mortgage at 3.5 percent for 15 years. a. Calculate the monthly payment for both the 30- year and 15- year mortgages.  b. Calculate the amount of interest paid over the life of the loan for both mortgages. 

 How do you figure this out in EXCEL using formulas??