To purchase a house a homebuyer takes out a mortgage

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Reference no: EM13600156

To purchase a house, a homebuyer takes out a mortgage, borrowing $260,000 at the annual interest rate 3.9%, compounded monthly for 30 years. (The problem has four parts.)

(a) Calculate the monthly payment. Show how to carry out the calculation.

(b) Complete the following table. (Round amounts to the nearest cent.) Show the calculations necessary to arrive at the entries in the table.

(d) Calculate the unpaid balance after 3 years. What percentage of the amount borrowed is still unpaid?

Reference no: EM13600156

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