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A 3 0 - year mortgage for $ 1 7 5 , 0 0 0 is issued at a 6 % nominal interest rate. (

A 30-year mortgage for $175,000 is issued at a 6% nominal interest rate.
(a) What is the monthly payment?
(b) How long does it take to pay off the mortgage, if $1250 per month is paid?
(c) How long does it take to pay off the mortgage, if double payments are made?
the answer at the back of the book shows
a) payment $1049.21, b)241.4 months,c)108.2 months

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