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...

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