Dan is considering borrowing $375,000 to purchase a new condo. Based on that information, answer the following questions. Show all work. Calculate the monthly payment needed to amortize an 8%...

Dan is considering borrowing $375,000 to purchase a new condo. Based on that information, answer the following questions. Show all work.

1. Calculate the monthly payment needed to amortize an 8% fixed-rate 30-year mortgage loan.


2. Calculate the monthly amortization payment if the loan in (a.) was for 15 years instead.

In a few sentences, explain the effect of a smaller loan period. How does it influence the monthly payment and interest