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Mathematics, 28.08.2020 15:01 heroxtree
Clark and Lana take a 30-year home mortgage of $128,000 at 7.8%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1300 per month.
A) Find their regular monthly payment.
B) Find the unpaid balance when they begin paying the $1400.
C) How many payments of $1400 will it take to pay off the loan?
D) How much interest will they save by paying the loan using the number of payments from part (c)?
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Answers: 3
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