Question

A family has a $97,143, 15-year mortgage at 4.8 % compounded monthly. (A) Find the monthly payment and the total interest paid. Suppose the family decides to add an extra $100 to its mortgage payment each month starting with the very first payment. How long will it take the family (B) to pay off the mortgage? How much interest will the family save? (A) Monthly payment: $ 758.12 (Round to two decimal places.) Total interest paid: $ 39,318.60 (Round to two decimal places.) years (Round to two decimal places.) (B) Time:

just the years, i understand the remainder and was able to do that myself.

Answer 1

wheve PAmoUnt R= fntrest (4i) nNorot pay ments RVakr Fech paynent A fame ly hos $17,143 , isw Mo tgape e 48 compindiy Monthly nEI5X2 MOnHily payment 4- S97,14 3 X 0048 048 12 1 (6-648) 388-572 0.487451818 Mokth y pay ment1-15 Inkrest paid 7715x18014-3 e 143,p-9,143 =46,34 Suppene famty adds too Exhe to Monhly Pay ment How much h me Nlow Mank ly pay ment f100+3.15 - fs17-15 97/143 33.15 048 12 |- (0.048

99,143 X0.0o 4 897-15 1-0-004 1-(004) 0.4 23182 -n (1-004 0.566881992 Takig In on o t side logCo04loy ( 666112) -n (og Cho04) - 0-56766 44767 -n- 0.00319 2023 n 142 .mon thly paynest 142 21119 n 11ears Lnkrest savect ha-15 (42x892-15) =292.15 (180-14 -1o0X142 743.15(38)-14200 f16,091.7
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