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In: Statistics and Probability

A family needs to take out a 30​-year home mortgage loan of $140,000 through a local...

A family needs to take out a 30​-year home mortgage loan of $140,000 through a local bank. Annual interest rates for 30-year mortgages at the bank are 8.1 % 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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orchestra answered 2 years ago
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