John Fare purchased $6,000 worth of equipment by making a $1000 down payment and promising to pay the remainder of the cost in semiannual payments over the next 6 years. The interest rate on the debt is 8%, compounded semiannually. Find the following. (Round your answers to the nearest cent.) (a) the size of each payment $ (b) the total amount paid over the life of the loan $ (c) the total interest paid over the life of the loan This problem is a complex financial problem that requires several skills, perhaps some from previous sections. Clark and Lana take a 30-year home mortgage of $121,000 at 7.2%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1100 per month. (a) Find their regular monthly payment. (Round your answer to the nearest cent.) $ 821.33 (b) Find the unpaid balance when they begin paying the $1100. (Round your answer to the nearest cent.) $ 114139.33 (c) How many payments of $1100 will it take to pay off the loan? Give the answer correct to two decimal places. 79.22 x monthly payments (d) Use your answer to part (c) to find how much interest they save by paying the loan this way. (Round your answer to the nearest cent.) $ 72115 x