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HW20: Problem 3 Previous Problem Problem List Next Problem (1 point) Fifteen years ago a couple purchased a house for $150,000.00 by paying a 20%
HW20: Problem 3 Previous Problem Problem List Next Problem (1 point) Fifteen years ago a couple purchased a house for $150,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 7.22% compounded monthly. (a) Find the monthly payment for this loan. Monthly Payment: $ (b) Find the balance of the loan after 17 years and after 18 years. Let n be how many payments are left on the loan. After 17 years After 18 years n = n = Loan Balance: $ Loan Balance: $ (c) Find the total amount of interest paid by the couple during the 18th year. Interest Paid During 18th year: $
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