Question: This problem is a complex financial problem that requires several skills, perhaps some from previous sections. Clark and Lana take a 30-year home mortgage of

This problem is a complex financial problem that requires several skills, perhaps some from previous sections. Clark and Lana take a 30-year home mortgage of $124,000 at 7.4%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1200 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 $1200. (Round your answer to the nearest cent.)

(c) How many payments of $1200 will it take to pay off the loan? Give the answer correct to two decimal places. ____ monthly payments

(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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