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A couple who borrow $50,000 for 25 years at 7.2%, compounded monthly, must make monthly payments of $359.79. (Round your answers to the nearest cent.)

A couple who borrow $50,000 for 25 years at 7.2%, compounded monthly, must make monthly payments of $359.79. (Round your answers to the nearest cent.) (a) Find their unpaid balance after 1 year.

(b) During that first year, how much interest do they pay?

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