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,

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 $125,000 at 7.1%, 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.) $ 84 X (b) Find the unpaid balance when they begin paying the $1200. (Round your answer to the nearest cent.) $ 16 X (c) How many payments of $1200 will it take to pay off the loan? (Round your answer to two decimal places.) 8 x monthly payments (d) How much interest will they save by paying the loan using the number of payments from part (c)? (Round your answer to the nearest cent.) $

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