12.1 pg XXXXXXXXXX Find the monthly payment for each loan below. Remember to assume monthly compounding. 7. Karl & Karen take out a $108,000 mortgage to purchase their new home. The interest rate is...

12.1 pg. 219-220 Find the monthly payment for each loan below. Remember to assume monthly compounding.

7. Karl & Karen take out a $108,000 mortgage to purchase their new home. The interest rate is 7.12% and the term is thirty years. What is the monthly payment for the principal and interest?