SECTION $6\mathrm{.}5$ PROBLEM SET: MISCELLANEOUS APPLICATION PROBLEMS

For problems $1-4,$ assume a $$200,000$ house loan is amortized over $30$ years at an interest rate of $5\mathrm{.}4\%.$

Find the balance of the loan after $100$ payments.

Find the monthly payment if the original loan were amortized over $15$ years.

Mr$.$ Patel wants to pay off his car loan. The monthly payment for his car is $$365,$ and he has $16$ payments left. If the loan was financed at $6\mathrm{.}5\%,$ how much does he owe?

$6.)$ An amount of $$2000$ is borrowed for a year at a rate of $7\%.$ Make an amortization schedule showing the monthly payment, the monthly interest on the outstanding balance, the portion of the payment going toward reducing the debt, and the balance.