Calculating the payment on a loan: Question 2: A borrower wants to take a 30 year fixed rate mortgage for $166,791.61 with monthly payments. If the interest rate on these loans is 6% annually (compounded monthly), what is the monthly payment? Question 3:Suppose the borrower is thinking about paying off his loan quicker, so he wants to know what the payment would be on a 15 year with a 6% interest rate, what would the payment be on loan amount of $100,000