Mathematics, 23.08.2021 23:30 xxaurorabluexx
A young couple buying their first home borrow $85,000 for 30 years at 7.2%, compounded monthly, and make payments of $576.97. After 3 years, they are able to make a one-time payment of $2000 along with their 36th payment.
(a) Find the unpaid balance immediately after they pay
the extra $2000 and their 36th payment.
(b) How many regular payments of $576.97 will amor-
tize the unpaid balance from part (a)?
(c) How much will the couple save over the life of the
loan by paying the extra $2000?
Answers: 1
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A young couple buying their first home borrow $85,000 for 30 years at 7.2%, compounded monthly, and...
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