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and Lana take a 30-vear home mortgage of $126,000 at 7.5%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1300 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 $1300. (Round your answer to the nearest cent.) $ 11901.01 (c) How many payments of $1300 will it take to pay off the loan? Give the answer correct to two decimal places. 136 64 v monthly payments (4) 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.) $ 88671

and Lana take a 30-vear home mortgage of $126,000 at 7.5%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1300 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 $1300. (Round your answer to the nearest cent.) $ 11901.01 (c) How many payments of $1300 will it take to pay off the loan? Give the answer correct to two decimal places. 136 64 v monthly payments (4) 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.) $ 88671

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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NEED FULLY CORRECT HANDWRITTEN SOLUTION FOR THIS..... ASAP!!! Just need the answer for (d) part.
problem is a complex financial problem that requires several skills, perhaps some from previous sections. * and Lana take a 30-year home mortgage of $126,000 at 7.5%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1300 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 $1300. (Round your answer to the nearest cent.) $ 119201.01 (c) How many payments of $1300 will it take to pay off the loan? Give the answer correct to two decimal places. 136 64 v monthly payments (4) 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.) $ 88071
Transcribed Image Text:problem is a complex financial problem that requires several skills, perhaps some from previous sections. * and Lana take a 30-year home mortgage of $126,000 at 7.5%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1300 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 $1300. (Round your answer to the nearest cent.) $ 119201.01 (c) How many payments of $1300 will it take to pay off the loan? Give the answer correct to two decimal places. 136 64 v monthly payments (4) 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.) $ 88071
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