Problem
A 30-year mortgage for $95,000 is issued at a 9% nominal interest rate.
(a) What is the monthly payment?
(b) How long does it take to pay off the mortgage, if $1000 per month is paid?
(c) How long does it take to pay off the mortgage, if double payments are made?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.