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A fully amortizing mortgage loan is made for $100,000 at 6 percent interest for 30 years.
Determine payments for each of the periods (a) to (d) below if the compounding period is:
(a) monthly
(b) quaterly
(c) annually
(d) weekly
How much total interest and principal would be paid over the entire 30-year life of the mortgage in each case?
Which payment pattern would have the greatest total amount of interest over the 30-year term of the loan? Why?
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