Suppose you take out a mortgage for $650000 at 5.5% interest per year compounded annually. If your mortgage is amortized over 30 years, what is your monthly mortgage payment? How much interest will you pay the lender by the end of the mortgage? What is the monthly interest rate corresponding to the effective annual rate? Tm= I What are the monthly payments? What is the total interest paid? Click here if you cannot come up with a monthly rate (you will lose 25% of your points if you do)