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Problem 2 A couple buying a house borrows $ 2 2 5 , 0 0 0 for 3 0 years at 5 . 4 %
Problem A couple buying a house borrows $ for years at interest, compounded monthly. a What is the couple's monthly house payment going to be b How much will the couple pay in interest? c If the couple were to pay an additional $ per month toward the cost of their home, how much sooner would the house be paid off? d How much money in interest would doing this save the couple? Should they do it
Problem
A couple buying a house borrows $ for years at interest, compounded monthly.
a What is the couple's monthly house payment going to be
b How much will the couple pay in interest?
c If the couple were to pay an additional $ per month toward the cost of their home, how much sooner would the house be paid off?
d How much money in interest would doing this save the couple? Should they do it
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