A couple who borrow $90,000 for 30 years at 7.2%, compounded monthly, must make monthly payments of

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A couple who borrow $90,000 for 30 years at 7.2%, compounded monthly, must make monthly payments of $610.91.
(a) Find their unpaid balance after 1 year.
(b) During that first year, how much interest do they pay?

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Mathematical Applications for the Management Life and Social Sciences

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Question Posted: Feb 09, 2018 05:43 AM

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A couple who borrow $90,000 for 30 years at 7.2%, compounded monthly, must make monthly payments of

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Mathematical Applications for the Management Life and Social Sciences

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