Clark and Lana take a 30 you're home mortgage of $122,000 at 7.9%, compounded monthly. They make their regular monthly payments for five years, then decide to pay $1000 per month. (A) find their...


Clark and Lana take a 30 you're home mortgage of $122,000 at 7.9%, compounded monthly. They make their regular monthly payments for five years, then decide to pay $1000 per month.


(A) find their regular monthly payment round your answer to the nearest cent


(b)Find the unpaid balance when they begin paying the $1000 round your answer to the nearest cent


(c)How many payments of $1000 will it take to pay off the loan (round your answer to two decimal places)


(d)How much interest will they saved by paying the loan using the number of payments from parts (c)? (Round your answer to the nearest cent)



Jun 08, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here