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5. You are taking out a loan of $220,000 for 15-years with an interest rate of 6.5%, compounded monthly: a. Using the Effective Interest Rate:

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5. You are taking out a loan of $220,000 for 15-years with an interest rate of 6.5%, compounded monthly: a. Using the Effective Interest Rate: What are the monthly payments? What is the total amount paid? What is the future value of the cash flow? b. Using the Effective Annual Interest Rate: What is the Annual Effective Interest Rate? What is the future value of the cash flow

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