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A couple who borrow $100,000 for 30 years at 6%, compounded monthly, must make monthly payments of $599.55. (a) Find their unpaid balance after 1 year. (Round your answers to the nearest cent.) $  (b) During that first year, how much do they pay towards the principle? (Round your answer to the nearest cent.) $  During that first year, what are their total payments? (Round your answer to the nearest cent.) $  During that first year, how much interest do they pay? (Round your answer to the nearest cent.) $

A couple who borrow $100,000 for 30 years at 6%, compounded monthly, must make monthly payments of $599.55. (a) Find their unpaid balance after 1 year. (Round your answers to the nearest cent.) $  (b) During that first year, how much do they pay towards the principle? (Round your answer to the nearest cent.) $  During that first year, what are their total payments? (Round your answer to the nearest cent.) $  During that first year, how much interest do they pay? (Round your answer to the nearest cent.) $

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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A couple who borrow $100,000 for 30 years at 6%, compounded monthly, must make monthly payments of $599.55.
(a)
Find their unpaid balance after 1 year. (Round your answers to the nearest cent.)
$ 
(b)
During that first year, how much do they pay towards the principle? (Round your answer to the nearest cent.)
$ 
During that first year, what are their total payments? (Round your answer to the nearest cent.)
$ 
During that first year, how much interest do they pay? (Round your answer to the nearest cent.)
$ 
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