Question
(1 point) Fifteen years ago a couple purchased a house for $140,000.00 by paying a 20% down payment and financing the remaining balance with a
(1 point) Fifteen years ago a couple purchased a house for $140,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 5.38% compounded monthly. (a) Find the monthly payment for this loan. Monthly Payment: (Note: Your answer should include a dollar sign and be accurate to two decimal places) (b) Find the balance of the loan after 17 years and after 18 years? Let be how many payments are left on the loan. After 17 years After 18 years = 360 = 360 Loan Balance: Loan Balance: (Note: The balance amounts should include a dollar sign and be accurate to two decimal places) (c) Find the total amount of interest paid by the couple during the 18th year. Interest Paid During 18th year: (Note: Your answer should include a dollar sign and be accurate to two decimal places)
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