Fifteen years ago a couple purchased a house for by paying a
20% down payment and financing the remaining balance with a 30-year mortgage at % compounded monthly.
(a) Find the monthly payment for this loan.
Monthly Payment: (Note: Your answer should include a dollar sign and be accurate to two decimal places)
(b) Find the balance of the loan after years and after years?
(
Note: The balance amounts should include a dollar sign and be accurate to two decimal places)
(c) Find the total amount of interest paid by the couple during the 18th year.
Interest Paid During 18th year: (Note: Your answer should include a dollar sign and be accurate to two decimal places)
You can earn partial credit on this problem.