Clark and Lana take a 30-year home mortgage of $121,000 at 7.8%, compounded monthly. They make their

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Clark and Lana take a 30-year home mortgage of $121,000 at 7.8%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1000 per month.

(a) Find their regular monthly payment.

(b) Find the unpaid balance when they begin paying the $1000.

(d) How much interest will they save by paying the loan in this way?

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Mathematical Applications for the Management Life and Social Sciences

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Question Posted: Feb 09, 2018 05:44 AM

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Clark and Lana take a 30-year home mortgage of $121,000 at 7.8%, compounded monthly. They make their

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i 0078 12 00065 a A n 121000 i 00065 n 30 12 360 R ...View the full answer

Mathematical Applications for the Management Life and Social Sciences

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