Jeff buys a house for $220,000. He makes a 10% down payment andnances the remaining balance with a 15 year mortgage. The annualinterest rate is 2.875% and
interest is compounded monthly.
(a) What equal monthly payment should he make at the end of eachmonth to amortize the loan by the end of the 15th year?
(b) What is the total amount of interest that Jeff will pay?
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