A couple who borrow $100,000 for 30 years at 6%, compounded monthly, must make monthly payments of $599.55. (a) Find their unpaid balance after 1 year. (Round your answers to the nearest cent.) $ (b) During that first year, how much do they pay towards the principle? (Round your answer to the nearest cent.) $ During that first year, what are their total payments? (Round your answer to the nearest cent.) $ During that first year, how much interest do they pay? (Round your answer to the nearest cent.) $
A couple who borrow $100,000 for 30 years at 6%, compounded monthly, must make monthly payments of $599.55. (a) Find their unpaid balance after 1 year. (Round your answers to the nearest cent.) $ (b) During that first year, how much do they pay towards the principle? (Round your answer to the nearest cent.) $ During that first year, what are their total payments? (Round your answer to the nearest cent.) $ During that first year, how much interest do they pay? (Round your answer to the nearest cent.) $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
A couple who borrow $100,000 for 30 years at 6%, compounded monthly, must make monthly payments of $599.55.
(a)
Find their unpaid balance after 1 year. (Round your answers to the nearest cent.)
$
(b)
During that first year, how much do they pay towards the principle? (Round your answer to the nearest cent.)
$
During that first year, what are their total payments? (Round your answer to the nearest cent.)
$
During that first year, how much interest do they pay? (Round your answer to the nearest cent.)
$
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