Solve by using the sinking fund or amortization formula.

Betty Price purchased a new home for $245,000 with a 20% down payment and the remainder amortized over a 15 year period at 9% interest.

A. What amount (in $) did Betty finance?

$

B. What equal monthly payments (in $) are required to amortize this loan over 15 years? (Round your answer to the nearest cent.)

$

C. What equal monthly payments (in $) are required if Betty decides to take a 20 year loan rather than a 15 year loan? (Round your answer to the nearest cent.)

$