Question
Clark and Lana take a 30-year home mortgage of $129,000 at 7.8%, compounded monthly. They make...
Clark and Lana take a 30-year home mortgage of $129,000 at 7.8%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1400 per month.
(a) Find their regular monthly payment. (Round your answer to the nearest cent.) the answer is $ 928.63
(b) Find the unpaid balance when they begin paying the $1400. (Round your answer to the nearest cent.) the answer is $ 122,411.73
(c) How many payments of $1400 will it take to pay off the loan? (Round your answer to two decimal places.) the answer is not 126.38 monthly payments
(d) How much interest will they save by paying the loan using the number of payments from part (c)? this answer is not $ 101657.10
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