A couple who borrow $80,000 for 20 years at 7.2%, compounded monthly, must make monthly payments of
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Question:
A couple who borrow $80,000 for 20 years at 7.2%, compounded monthly, must make monthly payments of $629.88.
(a)
Find their unpaid balance after 1 year. (Round your answers to the nearest cent.)
$
(b)
During that first year, how much do they pay towards the principle? (Round your answer to the nearest cent.)
$
During that first year, what are their total payments? (Round your answer to the nearest cent.)
$
During that first year, how much interest do they pay? (Round your answer to the nearest cent.)
$
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