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In 2000 Mr. & Mrs. Smith took out a 30-year $310,000 mortgage at 4.15% interest compounded monthly. a.What was their monthly mortgage payment? b.In 2020

In 2000 Mr. & Mrs. Smith took out a 30-year $310,000 mortgage at 4.15% interest compounded monthly. a.What was their monthly mortgage payment? b.In 2020 Mr. & Mrs. Smith retired and they used part of their retirement savings to payoff the rest of their mortgage. What was the pay-off balance? (Assume they made 240 payments.)

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