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Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect of this on home loans by finding the payment and total interest on a thirty-year simple interest amortized loan of $150,000 at 10% interest. (Round your answers to the nearest cent.) (a) if payments are made monthly $ 1316 payment total interest $ 323,890 (b) if payments are made biweekly $ 607 payment total interest 323,757

Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect of this on home loans by finding the payment and total interest on a thirty-year simple interest amortized loan of $150,000 at 10% interest. (Round your answers to the nearest cent.) (a) if payments are made monthly $ 1316 payment total interest $ 323,890 (b) if payments are made biweekly $ 607 payment total interest 323,757

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect of this on home loans by finding the payment and total interest on a thirty-year simple interest amortized loan of $150,000 at 10% interest. (Round your answers to the nearest cent.) (a) if payments are made monthly $ 1316 payment total interest $ 323,890 (b) if payments are made biweekly $ 607 payment total interest 323,757
Transcribed Image Text:Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect of this on home loans by finding the payment and total interest on a thirty-year simple interest amortized loan of $150,000 at 10% interest. (Round your answers to the nearest cent.) (a) if payments are made monthly $ 1316 payment total interest $ 323,890 (b) if payments are made biweekly $ 607 payment total interest 323,757
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