A family has a $129,000, 20-year mortgage at 7.2% compounded monthly. (A) Find the monthly payment and
Question:
A family has a $129,000, 20-year mortgage at 7.2% compounded monthly.
(A) Find the monthly payment and the total interest paid.
(B) Suppose the family decides to add an extra $102.41 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the mortgage? How much interest will be saved?
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Answers A The monthly payment is 92045 and the total interest paid is 9883520 B With ...View the full answer
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Related Book For 
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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