A family bought a house in October 1998 for $200,000. The house was financed by a mortgage where they paid 20% of the value and the bank financed the balance of the loan at 9% annual interest compounded monthly [.0075% monthly] over a 15-year period [180 payments]. After paying after paying 80 payments, the family decided to pay the balance due in a lump sum when the 81st paymenr becomes due.
A. How much did they have to pay?
B. If the bank agreed to lower the interest rate to 6% interest applied to the balance due, how much would the new payment be?