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(1 point) Fifteen years ago a couple purchased a house for $220,000.00 by paying a 20% down payment and financing the remaining balance with a
(1 point) Fifteen years ago a couple purchased a house for $220,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 5.32% 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 16 years and after 17 years? Let n be how many payments are left on the loan. After 16 years After 17 years n= n= Loan Balance: Loan Balance: (Note: The balance amounts should include dollar sign and be accurate to two decimal places) (c) Find the total amount of interest paid by the couple during the 17th year. Interest Paid During 17th year: (Note: Your answer should include a dollar sign and be accurate to two decimal places)
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