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Joshua and Camille wish to buy a new home.The price is $187,500 and they plan to make a 20% down payment. New Toronto Savings and

Joshua and Camille wish to buy a new home.The price is $187,500 and they plan to make a 20% down payment.

New Toronto Savings and Loan will lend them the remainder at a 10% fixed rate for 25 years, with monthly payments to begin in one month.

What will Joshua and Camilles monthly payments be?

What will the remaining or outstanding balance of the loan be after 10 years assuming they make the first 120 payments right on time?

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