Jose and Mark plan to purchase a home for $138,000. They will pay 20% down and finance the remainder for 25 years at the APR of 8%, compounded monthly. a) How large are the monthly payments? $ 852.09...


Jose and Mark plan to purchase a home for $138,000. They will pay 20% down and finance the remainder<br>for 25 years at the APR of 8%, compounded monthly.<br>a) How large are the monthly payments? $ 852.09<br>b) What will be their loan balance right after they have made their 240th payment? $<br>42023.5<br>c) How much interest will they pay during the 20th year of the loan? $ 52078.1<br>d) If they were to increase their montly payments by $100, how long would it take to pay off the loan? Give<br>your answer in whole months. 87<br>

Extracted text: Jose and Mark plan to purchase a home for $138,000. They will pay 20% down and finance the remainder for 25 years at the APR of 8%, compounded monthly. a) How large are the monthly payments? $ 852.09 b) What will be their loan balance right after they have made their 240th payment? $ 42023.5 c) How much interest will they pay during the 20th year of the loan? $ 52078.1 d) If they were to increase their montly payments by $100, how long would it take to pay off the loan? Give your answer in whole months. 87

Jun 06, 2022
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