8. (Short answer; 15 pts) An engineer wishes to purchase an $80,000 home by making a down paymentof$20,000 and borrowing the remaining $60,000, which he will repay on a monthly basis over the next 30 years. If the bank charges interest at the rate of 9.5 % per year, compounded monthly, how much money must the engineer repay each month? Also, what is the nominal interest rate? What is the effective interest rate? d >