(1 point) Fifteen years ago a couple purchased a house for $110,000.00 by paying a 20%...
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(1 point) Fifteen years ago a couple purchased a house for $110,000.00 by paying a 20% down payment and financing the remaining balance with a 30- year mortgage at 4.66% compounded monthly. (a) Find the monthly payment for this loan. Monthly Payment: $ (b) Find the balance of the loan after 13 years and after 14 years. Let m be how many payments are left on the loan. After 13 years m = Loan Balance: $ After 14 years m = Loan Balance: $ (c) Find the total amount of interest paid by the couple during the 14th year. Interest Paid During 14th year: $ Note: You can earn partial credit on this problem. (1 point) Fifteen years ago a couple purchased a house for $110,000.00 by paying a 20% down payment and financing the remaining balance with a 30- year mortgage at 4.66% compounded monthly. (a) Find the monthly payment for this loan. Monthly Payment: $ (b) Find the balance of the loan after 13 years and after 14 years. Let m be how many payments are left on the loan. After 13 years m = Loan Balance: $ After 14 years m = Loan Balance: $ (c) Find the total amount of interest paid by the couple during the 14th year. Interest Paid During 14th year: $ Note: You can earn partial credit on this problem.
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