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United bank offers a 15 year mortgage

03/05/2021 Client: muhammad11 Deadline: 2 Day

United Bank offers a 15 year mortgage at an APR of 6.2%. Capitol Bank offers a 25 year mortgage at an APR of 6.5%. Marcy wants to borrow $120,000.
a. What would the monthly payment be from United Bank?
b. What would the total interest be from United Bank? Round to the nearest ten dollar.
c. what would the monthly payment be from Capitol Bank?
d. What would the interest be from Capitol Bank? Round to the nearest ten dollars.
e. Which bank has the lower total interest, and by how much?
f. What is the difference in the monthly payments?
g. How many years of payments do you avoid if you decide to take out the shorter mortgage?

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