The local credit union is offering a nominal annual mortgage rate of 15%, compounded monthly, on 30 year loans. If you were trying to calculate the monthly loan payment:
What would you use as the interest rate in your calculation?
A.1.5% B. 1.25% C. 14% D. 16.08% E.15%
What are the number of periods (the "n") you would use in your calculation?
A.180 B. 30 C.12 D. 360 E. 10