A young couple buying their first home borrow 85000 for 30, Engineering Mathematics

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A young couple buying their first home borrow 85000 for 30

Question: A young couple buying their first home borrow $85,000 for 30 years at 7.2%, compounded monthly, and make payments of $576.97. After 3 years, they are able to make a one-time payment of $2000 along with their 36th payment.

(a) Find the unpaid balance immediately after they pay the extra $2000 and their 36th payment.

(b) How many regular payments of $576.97 will amortize the unpaid balance from part (a)?

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Engineering Mathematics: A young couple buying their first home borrow 85000 for 30

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Engineering Mathematics: A young couple buying their first home borrow 85000 for 30

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