Fifteen years ago a couple purchased a house for $200,000.00 by paying a 20 %downpaymentandfinancingtheremainingbalance with a 30-year mortgage at 5.02% compounded monthly. (a) Find the monthly payment for this loan. Monthly Payment: [Note: Your answer is a dollar amount and should have a dollar sign and exactly two decimal places.] (b) Find the balance of the loan after 13 years and after 14 years? After 13 years After 14 years n = n = LoanBalance:LoanBalance: [Note: Your answer for each loan balance should be a dollar amount and should have a dollar sign and exactly two decimal places.] (c) Find the total amount of interest paid by the couple during the 14th year. Interest Paid During 14th year: [Note: Your answer is a dollar amount and should have a dollar sign and exactly two decimal places.]
(a) Monthly Payment: $846.73
(b) After 13 years: $131,597.66
After 14 years: $125,327.32
(c) Interest Paid During 14th year: $4,989.34