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Even though the housing market is crazy, Colton and Jacqueline are able to purchase their first home. They jointly take out a loan of $690,000
Even though the housing market is crazy, Colton and Jacqueline are able to purchase their first home. They jointly take out a loan of $690,000 with an interest rate of 6.6% compounded monthly. They arrange to pay off the loan in 25 years. Round all answers to 2 decimal places. a) What will their monthly payment be? monthly payment: $ b) Find the unpaid balance (loan payoff amount) after 15 years. unpaid balance: $ c) If Colton and Jacqueline make all their payments on time (with no pre-payments) and then pay off the loan at the end of year 15, how much do they pay in total? total paid: $
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