Question: 5.) Please show work. Answer complete sentences if it applies and please write legibly. Thank you for your help. 5) Clark and Lana take a

5.) Please show work. Answer complete sentences if it applies and please write legibly. Thank you for your help.

5) Clark and Lana take a 30-year home mortgage of $124,000 at 7.6%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1100 per month. a) Find their regular monthly payment. (Round your answer to the nearest cent.) b) Find the unpaid balance when they begin paying the $1100. (Round your answer to the nearest cent.) c) How many payments of $1100 will it take to pay off the loan? Give the answer correct to two decimal places. d) Use your answer to part c) to find how much interest they save by paying the loan this way. (Round your answer to the nearest cent.)

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