Suppose that a $300,000 mortgage mortgage is available with annual interest (Inom) at 3% for both 15 and 30 year fixed rate. However, the annual interest is compounded monthly. Answer the following questions. a. find the amounts of annual payments for the 15 and 30 year mortgages. Hint: Use the Ear b. what are the amounts of the total interest paid for the 15 and 30 year mortgages

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To find the amounts of annual payments for the 15year and 30year mortgages we can use the Effective ... View the full answer