Calculating the monthly payment and total interested paid

Calculating the monthly payment and total interested paid

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Reference no: EM1315772

Question: To buy a house, a house buyer takes out a mortgage of $200,000 at the annual interest rate 6%, compounded monthly for 30 years

(a) Find the monthly payment. Show work.
(b) Find the total interest paid if the loan is held for the entire term.

Reference no: EM1315772

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