Tyron and Layla completed their divorce. Each of them will move into new cities and is interested to invest in a new home. Both of them have a monthly 1200 free to invest. They both take out a mortgage for 140,000. Whereas Tyron chooses a 30-year-long mortgage plan at a rate of 6.625%, Layla picks a 15-year mortgage at a rate of 6.25%. Additionally, any leftover money post mortgage payment is invested in a mutual fund with a return of 10% annually.

a) What annual interest rate, when compounded monthly, gives an effective annual rate of 10%?

b) What is Tyrons monthly payment?

c) If Tyron invests the remainder of his $1200 each month, after the payment in part(b), in a mutual fund with the interest rate in part (a), how much money will he have in the fund at the end of 30 years?

d) What is Leyla's monthly payment?