ased on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for ea tuations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgag ayment? a. $104,000, 15-year loan at 6.00 percent. b. $89,000, 30-year loan at 7.00 percent. c. $101,000, 20-year loan at 7.50 percent. Monthly Mortgage Payment $ 877.76

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.