Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $60,000. The bank requires a 5% down payment The buyer is offered two mortgage options...

Please answer all subparts with explanation

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Extracted text: Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $60,000. The bank requires a 5% down payment The buyer is offered two mortgage options 20-year foxed at 10% or 30-year foxed at 10% Calculate the amnount 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 (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)