A $100,000 mortgage loan has a 25year amortization. a. Calculate the monthly payment at interest rates of
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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 25year amortization period at each of the three interest rates. (Assume the final payment equals the others.)
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