The Tensers bought a mobile home for $89,500. They rent space in a trailer park for $900 per month. The rent increases 2% per year.
a. If they put a down payment of $10,000 on the trailer, how much must they borrow?
b. If they borrow the amount from part a for 15 years at an APR of
6%, what will the monthly payment be to the nearest cent?
c. What will be the first monthly payment? final monthly payment?
d. How much will they pay each month for their trailer and the space for the first year?
e. What will the space rental be to the nearest cent when they are making their final payment on the trailer?