A $100,000 mortgage loan has a 25-year amortization.
a. Calculate the monthly payment at interest rates of 6%, 7%, and 8% compounded semiannually.
b. By what percentage does the monthly payment on the 8% mortgage exceed the monthly payment on the 7% mortgage?
c. Calculate the total interest paid over the entire 25-year amortization period at each of the three interest rates. (Assume the final payment equals the others.)