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# Abby and Jason are building a new house. They obtained a construction loan of $100,000, which will be rolled over into a conventional 20-year mortgage when the house is completed in 14 months. Simple interest of$\frac{1}{2}\$% per month will be charged on the construction loan. The 20-year mortgage will carry a 6% interest rate with monthly payments. What is the monthly payment that Abby and Jason will make? If they make each payment as scheduled for the life of the 20-year mortgage, how much total interest will they pay on the house?

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In this problem, we are asked to calculate the monthly payment of the couple towards the mortgage and the total interest required to pay for the house.

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