6.

Use your financial calculator to determine the monthly payments for each of the following $86,500

mortgage loans. Assume no prepayments.

a. 30-year fixed at 7.25 percent

b. 15-year fixed at 6.25 percent

c. 20-year fixed at 6.75 percent

A. The monthly payment, PMT, on the 30 year loan is $____________-. Round to the nearest cent