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A young couple buying their first home borrow $55,000 for 30 years at 7.1%, compounded monthly, and make payments of $36...

A young couple buying their first home borrow $55,000 for 30 years at 7.1%, compounded monthly, and make payments of $369.62. After 4 years, they are able to make a one-time payment of $2000 along with their 48th payment.

(a) Find the unpaid balance immediately after they pay the extra $2000 and their 48th payment. (Round your answer to the nearest cent.)

(b) How many regular payments of $369.62 will amortize the unpaid balance from part (a)? (Round your answer to the nearest whole number.)


(c) How much will the couple save over the life of the loan by paying the extra $2000? (Use your answer from part (b). Round your answer to the nearest cent.)

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Answer #1

ivt hame berh 5500o Ms The 30 (2) The Y n: 360 he ungud balone 69 62 「-( +0005)-(360-%) 0 005 :361-621 - (1-00s) o 005 An-к :.00S 5639 -(1H0005) 0 0010.00 0 005 (11 0005 o5(0-00631 i - (1.005)02 -nln (105)n (o23) n(e ue63) n 1-009 D 320 31 Dlhe arty.= 133 063-2-153 253 12.6406

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