young couple buying their first home borrow $90,000 for 30 years at 7.1%, compounded monthly, and make payments of $604.83. After 4 years, they are able to make a one-time payment of $2,000 along with their 48th payment. (a) Find the unpaid balance immediately after they pay the extra $2,000 and their 48th payment. (Round your answer to the nearest cent.) $ (b) How many regular payments of $604.83 will amortize the unpaid balance from part (a)? Give the answer to one decimal point. payments (c) How much will the remaining debt be after the number of full payment periods in part (b) is made?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
A young couple buying their first home borrow $90,000 for 30 years at 7.1%, compounded monthly, and make payments of $604.83. After 4 years, they are able to make a one-time payment of $2,000 along with their 48th payment.
$
(b) How many regular payments of $604.83 will amortize the unpaid balance from part (a)? Give the answer to one decimal point.
payments
(c) How much will the remaining debt be after the number of full payment periods in part (b) is made? (Round your answer to the nearest cent.)
$
How much extra must be included with the last full payment to pay off the debt? (Round your answer to the nearest cent.)
$
(d) How much will the couple pay over the life of the loan by paying the extra $2,000? (Round your answer to the nearest cent.)
$
(e) How much will the couple save over the life of the loan by paying the extra $2,000? (Use your answer from part (b). Round your answer to the nearest cent.)
$
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