A couple who borrow 90000 for 30 years at 72 compounded


Question: A couple who borrow $90,000 for 30 years at 7.2%, compounded monthly, must make monthly payments of $610.91.

(a) Find their unpaid balance after 1 year.

(b) During that first year, how much interest do they pay?

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Engineering Mathematics: A couple who borrow 90000 for 30 years at 72 compounded
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