Question: 8% interest on this problem not 10 A borrower obtains a fully amortizing CPM loan for $143,000 at 8 percent interest for 10 years. Required:

8% interest on this problem not 10

A borrower obtains a fully amortizing CPM loan for $143,000 at 8 percent interest for 10 years. Required: a. What will be the monthly payment on the loan? b. If this loan had a maturity of 30 years, what would be the monthly payment? (For all requirements, do not round intermediate calculations. round your final answers to 2 decimal places.) Answer is complete but not entirely correct. a. Monthly payment - 10 years $ 1,889.76 b. Monthly payment - 30 years $ 1.254.93

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