Please help me with d) I don't quite understand how they gottheanswer of $12,852.
The Home section of many Sunday newspapers includes a mortgage table similar to Table 3.6. The table gives the monthly payment per $1000 borrowed for loans at various interest rates and time periods. Determine the monthly payment on a $60,000 mortgage at 8% for fifteen years. $60,000 mortgage at 8% for thirty years. $60,000 mortgage at 10% for fifteen years. Over the life of the loan, how much money would be saved on a 15-year mortgage of $60,000 if the rate were 8% instead of 10%? Over the life of the loan, how much money would be saved on an 8% mortgage of $60,000 if the term of the loan was fifteen years rather than thirty years?
