The interest rate on a $100,000 loan is 7.5% compounded monthly. What must be the monthly payment for the loan to be repaid in:
a. 5 years?
b. 10 years?
c. 15 years?
d. 20 years?
Also calculate the total interest paid in each case. (Note that a doubling of the term more than doubles the total interest paid over the life of the loan.)

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The Answer of The interest rate on a $100,000 loan is 7.5% compounded monthly. What must be the monthly payment for the loan to be repaid in:
a. 5 years?
b. 10 years?
c. 15 years?
d. 20 years?
Also calculate the total interest paid in each case. (Note that a doubling of the term more than doubles the total interest paid over the life of the loan.)

The Interest Rate on a $100,000 Loan Is 7