3.57 Consider the following three individuals. Just after their 19th payment: o Robert Dixon had a balance of $80,000 on a 9%, 15-year mortgage; o Wanda Harper had a balance of $80,000 on a 9%, 20-year mortgage; and o Tony Zang had a balance of $80,000 on a 9%, 30-year mortgage. How much interest did each individual pay on the 20th payment?

3.57 Consider the following three individuals. Just after their 19th payment: o Robert Dixon had a balance of $80,000 on a 9%, 15-year mortgage; o Wanda Harper had a balance of $80,000 on a 9%, 20-year mortgage; and o Tony Zang had a balance of $80,000 on a 9%, 30-year mortgage. How much interest did each individual pay on the 20th payment?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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