MC Loan Amount Discussion

I’m working on a mathematics question and need the explanation and answer to help me learn. Kyra would like to purchase a home by making monthly payments. She has found a new house selling for $345,000. Her local bank offers her three choices of a loan: 30-year fixed mortgage at an interest rate of 6.750% compounded monthly 20-year fixed mortgage at an interest rate of 6.625% compounded monthly 15-year fixed mortgage at an interest rate of 5.875% compounded monthly If she has $70,000 of her own money for a down payment, answer the following questions to help her decide which mortgage to select to buy the house. 1. What is the total loan amount she will need to borrow for the house after her down payment? Loan Amount Needed: $________________ 2. What would be the monthly payment for each of the potential loans?30 years of monthly payments at 6.750% compounded monthly 20 years of monthly payments at 6.625% compounded monthly 15 years of monthly payments at 5.875% compounded monthly 3. What is the total amount paid total to the bank if she takes the full number of years to pay off each potential loan? 30 years of monthly payments at 6.750% compounded monthly 20 years of monthly payments at 6.625% compounded monthly 15 years of monthly payments at 5.875% compounded monthly 4. How much will she pay just in the amount of interest to the bank over the loan amount if she takes the full number of years to pay off each potential loan? 30 years of monthly payments at 6.750% compounded monthly 20 years of monthly payments at 6.625% compounded monthly 15 years of monthly payments at 5.875% compounded monthly 5. Which loan would you recommend she select? Explain why in detail and the specific factors you used to make your recommendation. Each situation is different on which loan should be recommended, you are explaining why your choice out of the three is best. (Write your answer on the back of this form).