You are considering borrowing $200,000 to purchase a new home. Calculate the monthly payment needed to amortize a 7% fixed-rate 30-year mortgage loan. Calculate the monthly amortization payment if the loan in (a.) was for 15 years.

You are considering borrowing $200,000 to purchase a new home. Calculate the monthly payment needed to amortize a 7% fixed-rate 30-year mortgage loan. Calculate the monthly amortization payment if the loan in (a.) was for 15 years.