Section 5.1 Compound Interest
(d) How much less would Diane’s monthly mortgage payment be if she refinances? Use the rounded values from parts (a)-(c). 6. The Turners have purchased a house for $180,000. They made an initial down payment of $20,000 and secured a mortgage with interest charged at the rate of 8%/year compounded monthly on the unpaid balance. ................
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