Question: answer part a,b,c,d,e,f a=what is the monthly payment for Plan (1)? b=what is the monthly payment for Plan (2)? c= what is the effective annual

answer part a,b,c,d,e,f a=what is the monthly payment for Plan (1)?

answer part a,b,c,d,e,f

a=what is the monthly payment for Plan (1)?

b=what is the monthly payment for Plan (2)?

c= what is the effective annual interest rate for Plan (1)?

d= what is the effective annual interest rate for Plan (2)?

e= Total interest paid over the life of loan (1)

f= Total interest paid over the life of loan (2)

lable answers for thumbs up.

Your boss, who never took an engineering economy course, is buying a new house and needs your help in answering some questions. The loan amount will be in the "jumbo loan" category of $600,000 at (1) 8% per year compounded monthly over 30 years, or (2) 7.625% compounded monthly over 15 years. There are no loan initiation fees, points paid, or other charges. Prepayment, if desired, can be done without penalty

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