Isabel takes out a $220,000 mortgage to pay for her house. The bank gave her a loan for 5.5% interest compounded monthly for 30 years.
a.) How much are her monthly payments?
b.) If she adds an extra $50 to her monthly payment, how long will it take her to pay off the loan?
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Enter your answer as a number (like 5, -3, 2.2172) or as a calculation (like 5/3, 2^3, 5+4)
Enter DNE for Does Not Exist, oo for Infinity
Enter your answer as a number (like 5, -3, 2.2172) or as a calculation (like 5/3, 2^3, 5+4)
Enter DNE for Does Not Exist, oo for Infinity