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 is a dollar amount and should have a dollar sign and exactly two decimal places.]
(b) Find the balance of the loan after years and after years?
[Note: Your answer for each loan balance should be a dollar amount and should have a dollar sign and exactly 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 is a dollar amount and should have a dollar sign and exactly two decimal places.]
You can earn partial credit on this problem.