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A couple who borrow $80,000 for 15 years at 8.4%, compounded monthly, must make monthly payments of $783.11. (a) Find their unpaid balance after 1
A couple who borrow $80,000 for 15 years at 8.4%, compounded monthly, must make monthly payments of $783.11. (a) Find their unpaid balance after 1 year. (Round your answers to the nearest cent.) $ 77225.84 (b) During that first year, how much do they pay towards the principle? (Round your answer to the nearest cent.) $ 2775 During that first year, what are their total payments? (Round your answer to the nearest cent.) $ 9397.32 During that first year, how much interest do they pay? (Round your answer to the nearest cent.) $ 6622 x
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