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This problem is a complex financial problem that requires several skills, perhaps some from previous sections. Clark and Lana take a 3 0 - year
This problem is a complex financial problem that requires several skills, perhaps some from previous sections.
Clark and Lana take a year home mortgage of $ at compounded monthly. They make their regular monthly payments for years, then decide to pay $ per month.
a Find their regular monthly payment. Round your answer to the nearest cent.
$
b Find the unpaid balance when they begin paying the $Round your answer to the nearest cent.
$
c How many payments of $ will it take to pay off the loan? Give the answer correct to two decimal places.
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.
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