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(4 points) Fifteen years ago a couple purchased a house for $130,000.00 by paying a 20% down payment and financing the remaining balance with a
(4 points) Fifteen years ago a couple purchased a house for $130,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 4.34% 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 n be how many payments are left on the loan. After 17 years After 18 years n = Loan Balance: Loan Balance: pan 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) (4 points) Fifteen years ago a couple purchased a house for $130,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 4.34% 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 n be how many payments are left on the loan. After 17 years After 18 years n = Loan Balance: Loan Balance: pan 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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