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A family buys a house for $240,000. They pay 15% down and the rest is amortized with a 30-year mortgage at 6% annual interest, compounded

A family buys a house for $240,000. They pay 15% down and the rest is amortized with a 30-year mortgage at 6% annual interest, compounded monthly.

(a) What is the nominal amount of the mortgage loan? Answer: 204000

(b) What are the monthly payments? Answer:

(c) What is the total of all the payments over the 30 years? Answer:

Be careful to save any rounding for the final answer.

(d) What is the total interest paid on the loan over the 30 years? Answer:

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