What is the total amount of interest that will pay

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Reference no: EM131020840

Jeff buys a house for $220,000. He makes a 10% down payment and nances the remaining balance with a 15 year mortgage. The annual interest rate is 2.875% and interest is compounded monthly.

(a) What equal monthly payment should he make at the end of each month to amortize the loan by the end of the 15th year?

(b) What is the total amount of interest that Jeff will pay?

Reference no: EM131020840

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