Question

please help

A family needs to take out a
15-year
home mortgage loan of
$100,000
through a local bank. Annual interest rates for
15-year
mortgages at the bank are
6.6%
compounded monthly.
(a) Compute the family's monthly mortgage
payment under this loan.
(b) How much interest will the family pay over
the life of the loan?
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Transcribed Image Text

A family needs to take out a 15-year home mortgage loan of $100,000 through a local bank. Annual interest rates for 15-year mortgages at the bank are 6.6% compounded monthly. (a) Compute the family's monthly mortgage payment under this loan. (b) How much interest will the family pay over the life of the loan?

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