Question clark and lana take a 30-year home mortgage of, Ask an Expert

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Question: Clark and Lana take a 30-year home mortgage of $121,000 at 7.8%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1000 per month.

(a) Find their regular monthly payment.

(b) Find the unpaid balance when they begin paying the $1000.

(d) How much interest will they save by paying the loan in this way?

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