Stephanie and Stacy plan to purchase a home for $102,000. They will pay 20% down and finance the remainder for 30 years

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Stephanie and Stacy plan to purchase a home for $102,000. They will pay 20% down and finance the remainder for 30 years

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Stephanie And Stacy Plan To Purchase A Home For 102 000 They Will Pay 20 Down And Finance The Remainder For 30 Years 1
Stephanie And Stacy Plan To Purchase A Home For 102 000 They Will Pay 20 Down And Finance The Remainder For 30 Years 1 (17.91 KiB) Viewed 27 times
Stephanie and Stacy plan to purchase a home for $102,000. They will pay 20% down and finance the remainder for 30 years at the APR of 11.7%, compounded monthly. a) How large are the monthly payments? b) What will be their loan balance right after they have made their 156th payment? $ c) How much interest will they pay during the 13th year of the loan? d) If they were to increase their montly payments by $140, how long would it take to pay off the loan? Give your answer in whole months.
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