Find the monthly payment needed to amortize a typical $85,000 mortgage loan amortized over 30 years at an annual interest rate of 3.7% compounded monthly. (Round your answers to the nearest cent.) $  Find the total interest paid on the loan.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
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Find the monthly payment needed to amortize a typical $85,000 mortgage loan amortized over 30 years at an annual interest rate of 3.7% compounded monthly. (Round your answers to the nearest cent.)



Find the total interest paid on the loan.

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