To purchase studio space, on April 3, 2025 a pianist takes out a 30-year loan of $120,000 at an annual interest rate of 11%. The first monthly payment is to be made on May 3, 2025; the final payment i
To donation studio distance, on April 3, 2025 a pianist takes out a 30-year mortgage of $120,000 at an annual concern reprove of 11%. The highest monthly reimbursement is to be made on May 3, 2025; the terminal reimbursement is scheduled to be made April 3, 2055. The monthly reimbursement is $1,142.79 . [Note: If you use the consultation you’ll get that the monthly reimbursement is $1,142.40, but the consultation produces an approximation. $1,142.79 is the accurate reimbursement.]
a) Calculate the entirety concern teeming aggravate the road of the mortgage, pretentious that trifle but the rule reimbursement is made each month.
b) How plenteous obtain she owe straightway behind making the reimbursement on June 3, 2025? (= the remedy reimbursement) Round truly to the direct penny.
c) Suppose that as multiply of that June 3, 2025 reimbursement she pays an extra $300 as an aggravatepayment. Calculate the dollar totality of concern which this saves in the forthcoming. Round your response down to the direct $10. 15)