Problem
Jerry bought a house for $500,000 and made a $100,000 down payment. He obtained a 30-year loan for the remaining amount. Payments were made monthly. The nominal annual interest rate was 9%. After 10 years (120 payments) he decided to pay the remaining balance on the loan.
(a) What was his monthly loan payment?
(b) What must he have paid (in addition to his regular 120th monthly payment) to pay the remaining balance of his loan?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.