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How do you find interest paid for these problems? (1 point) Fifteen years ago a couple purchased a house for $220,000.00 by paying a 20%
How do you find interest paid for these problems?
(1 point) Fifteen years ago a couple purchased a house for $220,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 5.08% compounded monthly (a) Find the monthly payment for this loan Monthly Payment: $953.43 (Note: Your answer should include a dollar sign and be accurate to two decimal places) (b) Find the balance of the loan after 13 years and after 14 years? Let n be how many payments are left on the loan. After 13 years After 14 years 72 204 72 192 Loan Balance: $130084.48 Loan Balance: $125137.48 (Note: The balance amounts should include a dollar sign and be accurate to two decimal places) (c) Find the total amount of interest paid by the couple during the 14th year. Interest Paid During 14th year: $50862.52 (Note: Your answer should include a dollar sign and be accurate to two decimal places)Step by Step Solution
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