Question: A $100,000 mortgage loan at 7.6% compounded semiannually has a 25-year amortization period. a. Calculate the monthly payment. b. If the interest rate were 1%

A $100,000 mortgage loan at 7.6% compounded semiannually has a 25-year amortization period.
a. Calculate the monthly payment.
b. If the interest rate were 1% lower (that is, 6.6% compounded semiannually), what loan amount would result in the same monthly payment?

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