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David borrowed $130,000 from Westconsin Credit Union to buy his house. This 30 year mortgage has rate is 3% per year compounded monthly. David need
David borrowed $130,000 from Westconsin Credit Union to buy his house. This 30 year mortgage has rate is 3% per year compounded monthly. David need to pay mortgage every month. Please answer the following questions.
a. What is the amount David needs to pay to the bank every month?
b. At the end of this mortgage term, how much interest will David pay to the bank?
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