HW$20$: Problem $3$

$(1$ point$)$

Fifteen years ago a couple purchased a house for $$100,000\mathrm{.}00$ by paying a $20\%$ down payment and financing the remaining balance with a $30-$year mortgage at $5\mathrm{.}48\%$ compounded monthly.

$($a$)$ Find the monthly payment for this loan.

Monthly Payment: $

$($b$)$ Find the balance of the loan after $16$ years and after $17$ years. Let $m$ be how many payments are left on the loan.

$\backslash$table$[[$After $16$ years,,After $17$ years,$],[m=,,m=,],[$Loan Balance: $$,,$Loan Balance: $$,]]$

$($c$)$ Find the total amount of interest paid by the couple during the $17$ th year.

Interest Paid During $17$th year: $