$[-/4$ Points$]$

A couple who borrow $$60,000$ for $25$ years at $8\mathrm{.}4\%,$ compounded monthly, must make monthly payments of $$479\mathrm{.}10.$

$($a$)$ Find their unpaid balance after $1$ year. $($Round your answers to the nearest cent.$)$

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$($b$)$ During that first year, how much do they pay towards the principle? $($Round your answer to the nearest cent.$)$

$

During that first year, what are their total payments? $($Round your answer to the nearest cent.$)$

$

During that first year, how much interest do they pay? $($Round your answer to the nearest cent.$)$

$\backslash$pm Show My Work $($optional$)(3)$

Points$]$

A recent college graduate buys a new car by borrowing $$22,000$ at $8\mathrm{.}4\%,$ compounded monthly, for $5$ years. She decides to pay $$471$ instead of the monthly payment required by the loan.

$($a$)$ What is the monthly payment required by the loan? $($Round your answer to the nearest cent.$)$

How much extra did she pay per month? $($Round your answer to the nearest cent.$)$

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$($b$)$ How many $$471$ payments will she make to pay off the loan? $($Round your answer up to the next whole number.$)$

payments

$($c$)$ How much will she save by paying $$471$ per month rather than the required payment? $($Round your answer to the nearest cent.$)$

$\backslash$pm Show My Work $($optional$)(2)$

Points$]$

WANEFMAC$83\mathrm{.}3\mathrm{.}033.$MI$.$

Determine the outstanding principal of the given mortgage. HINT $[$See Example $7.]($Assume monthly interest payments and compounding periods. Round your answer to the nearest cent.$)$

a $$100,000,31-$year, $4\mathrm{.}7\%$ mortgage after $10$ years