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This problem is a complex financial problem that requires several skills, perhaps some from previous sections.

Clark and Lana take a 30-year home mortgage of $126,000 at 7.8%, compounded monthly. They make their regular monthly payments for 5 years, then decide to pay $1200 per month.

(a) Find their regular monthly payment. (Round your answer to the nearest cent.) $

(b) Find the unpaid balance when they begin paying the $1200. (Round your answer to the nearest cent.) $

(c) How many payments of $1200 will it take to pay off the loan? (Round your answer to two decimal places.) monthly payments

(d) How much interest will they save by paying the loan using the number of payments from part (c)? (Round your answer to the nearest cent.) $

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92768912

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