3. Your sister is considering a 30-year mortgage that charges 0.5% interest each month. FORMULATE a model in terms of a monthly payment p that allows the mortgage to be paid off after 360 payments. Your sister can afford a monthly payment of 1500PhP. Determine the maximum amount of money they can borrow.

Find the discount rate equivalent to simple interest at the rate 5% on a 3-month loan.

Use nt" to determine the regular payment amount, rounded to the nearest dollar. Consider the following pair of mortgage loan options for a $120,000 mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A: 15-year fixed at 7.25% with closing costs of $1400 and 1 point. Mortgage B: 15-year fixed at 5.25% with closing costs of $1400 and 3 points. Choose the correct answer below, and fill in the answer box to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.). OA. Mortgage B has a larger total cost than mortgage A by S OB. Mortgage A has a larger total cost than mortgage B by S

Suppose that a loan is being repaid with 60 equal monthly payments, the first coming a month after the loan is made. If the rate of interest is 9.7 percent convertible monthly, and the amount of principal in the 22nd payment is 230, how much interest is in the 44th payment? Thank you!