Some lenders offer fifteen-year home loans. Investigate the effect of the term on home loans by finding the monthly payment and total interest for a simple interest amortized loan of $100,000 at 10% if the term is the following period of time. (Round your answers to the nearest cent.) (a) thirty years payment total interest $ (b) fifteen years pаyment %24

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Some lenders offer fifteen-year home loans. Investigate the effect of the term on home loans by finding the monthly
payment and total interest for a simple interest amortized loan of $100,000 at 10% if the term is the following period of
time. (Round your answers to the nearest cent.)
(a) thirty years
payment
total interest $
(b) fifteen years
pаyment
%24
Transcribed Image Text:Some lenders offer fifteen-year home loans. Investigate the effect of the term on home loans by finding the monthly payment and total interest for a simple interest amortized loan of $100,000 at 10% if the term is the following period of time. (Round your answers to the nearest cent.) (a) thirty years payment total interest $ (b) fifteen years pаyment %24
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