Find the outstanding balance just after making the payment

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Reference no: EM131354272

Suppose a family borrows $101000 on a home for 25 years at 8.1% compounded monthly. a. Find the monthly payments rounded up to the next cent. b. Find the outstanding balance just after making the 60th payment. c. Find the monthly savings in interest if the balance after the 60th payment is refinanced at 6.6% compounded monthly and the loan to be repaid in the remaining 240 payments.

Reference no: EM131354272

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