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(4 points) Fifteen years ago a couple purchased a house for $170,000.00 by paying a 20% down payment and financing the remaining balance with a
(4 points) Fifteen years ago a couple purchased a house for $170,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 5.54% 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 13 years and after 14 years? Let n be how many payments are left on the loan. After 13 years After 14 years n = n = 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 14th year. Interest Paid During 14th year: (Note: Your answer should include a dollar sign and be accurate to two decimal places) (4 points) A couple has decided to purchase a $200000 house using a down payment of $18000. They can amortize the balance at 11% over 20 years. a) What is their monthly payment? Answer = $ b) What is the total interest paid? Answer = $ c) What is the equity after 5 years? Answer = $ d) What is the equity after 15 years? Answer = $ 12
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