The loan amount is $150000. Thanks for mention

The mortgage rate is 8% (annual yield).

Hank's monthly salary is $3,000 and by law he cannot pay more than his one-third income as installment (e) (3 marks) How many years it would take Hank to pay the mortgage loan if he decided to take the loan from the bank? (f) (2 marks) What is the number of years that minimize the installment and how much would be the installment? Hank's monthly salary is $3,000 and by law he cannot pay more than his one-third income as installment (e) (3 marks) How many years it would take Hank to pay the mortgage loan if he decided to take the loan from the bank? (f) (2 marks) What is the number of years that minimize the installment and how much would be the installment