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A fully amortizing mortgage loan is made for $107,000 at 6 percent interest for 30 years. Required: a. How much total interest would be paid
A fully amortizing mortgage loan is made for $107,000 at 6 percent interest for 30 years. Required: a. How much total interest would be paid over the entire 30-year life of the mortgage, if interest is paid: 1. Monthly. 2. Quarterly 3. Annually 4. Weekly (For all requirements, round your intermediate calculations and final answers to 2 decimal places.) b. Which payment pattern would have the greatest total amount of interest over the 30-year term of the loan? Complete this question by entering your answers in the tabs below. Required A Required B How much total interest would be paid over the entire 30-year life of the mortgage, if interest is paid: 1. Monthly 2. Quarterly 3. Annually 4. Weekly Show less a1. Total monthly interest payment a2. Total quarterly interest payment a3. Total annual interest payment a4. Total weekly interest payment b. Which payment pattern would have the greatest total amount of interest over the 30-year term of the loan? Complete this question by entering your answers in the tabs below. Required A Required B Which payment pattern would have the greatest total amount of interest over the 30-year term of the loan? Greatest total amount of interest payment
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