Suppose you have a $60,000 loan with an annual percentage rate of 8% for 25 years. a. What are your required monthly payments? Suppose you pay off the loan in 15 years, rather than 25. What are the required monthly payments? b. Explain why there are differences in the total amounts you pay over the loan terms for the two scenarios. C. d. What would be the effect of paying the required monthly rate and an additional $100 each month on the cost of the two loan? Discuss the relationship between the total interest, loan amount and monthly payment from the graphic below. Total teret 15 y 0 y Lean term Syn

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