Clark and Lana take a 30-year home mortgage of $124,000 at 7.6%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1100 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 $1100. (Round your answer to the nearest cent.) c) How many payments of $1100 will it take to pay off the loan? Give the answer correct to two decimal places. 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
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Clark and Lana take a 30-year home mortgage of $124,000 at 7.6%, compounded monthly. They
make their regular monthly payments for 5 years, then decide to pay $1100 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 $1100. (Round your answer to the nearest
cent.)
c) How many payments of $1100 will it take to pay off the loan? Give the answer correct to two
decimal places.
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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