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The interest rate on a $100,000 mortgage loan is 7% compounded semiannually. a. Calculate the monthly payment for each of 15-year, 20-year, and 25-year amortizations.

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The interest rate on a $100,000 mortgage loan is 7% compounded semiannually. a. Calculate the monthly payment for each of 15-year, 20-year, and 25-year amortizations. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) PMT (15-year amortization) $ PMT (20-year amortization) $ PMT (25-year amortization) $ b. By what percentage must the monthly payment be increased for a 20-year amortization instead of a 25-year amortization? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Percentage % c. By what percentage must the monthly payment be increased for a 15-year amortization instead of a 25-year amortization? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Percentage % d. For each of the three amortization periods in Part (a), calculate the total interest paid over the entire amortization period. Assume that the interest rate and payments do not change and the final payment equals the others. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Total interest (15-year amortization) $

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