A couple who borrow $100,000 for 15 years at 7.2%, compounded monthly, must make monthly payments of $910.05. (Round your answers to the nearest cent.) (a) Find their unpaid balance after 1 year. $ (b) During that first year, how much interest do they pay?
A couple who borrow $100,000 for 15 years at 7.2%, compounded monthly, must make monthly payments of $910.05. (Round your answers to the nearest cent.) (a) Find their unpaid balance after 1 year. $ (b) During that first year, how much interest do they pay?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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A couple who borrow $100,000 for 15 years at 7.2%, compounded monthly, must make monthly payments of $910.05. (Round your answers to the nearest cent.)
(a) Find their unpaid balance after 1 year.
$
(b) During that first year, how much interest do they pay?
$
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