## Related questions with answers

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?

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 14**a)**

The objective of this part of the exercise is to calculate the **unpaid balance** of an amortized loan.

*How can I calculate the unpaid balance of an amortized loan?*

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