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A young couple buying their first home borrow $ 9 0 , 0 0 0 for 3 0 years at 7 . 8 % ,
A young couple buying their first home borrow $ for years at compounded monthly, and make payments of
$ After years, they are able to make a onetime payment of $ along with their th payment.
a Find the unpaid balance immediately after they pay the extra $ and their th payment. Round your
answer to the nearest cent.
b How many regular payments of $ will amortize the unpaid balance from part a Give the answer to one
decimal point.
payments
c How much will the remaining debt be after the number of full payment periods in part b is made? Round your
answer to the nearest cent.
$
How much extra must be included with the last full payment to pay off the debt? Round your answer to the nearest
cent.
$
d How much will the couple pay over the life of the loan by paying the extra $Round your answer to the
nearest cent.
$
e How much will the couple save over the life of the loan by paying the extra $Use your answer from part
b Round your answer to the nearest cent.
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