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This problem is a complex financial problem that requires several skills, perhaps some from previous sections....

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Advance Math

This problem is a complex financial problem that requiresseveral skills, perhaps some from previous sections. Clark and Lanatake a 30-year home mortgage of $124,000 at 7.4%, compoundedmonthly. They make their regular monthly payments for 5 years, thendecide to pay $1200 per month. (a) Find their regular monthlypayment. (Round your answer to the nearest cent.) $ (b) Find theunpaid balance when they begin paying the $1200. (Round your answerto the nearest cent.) $ (c) How many payments of $1200 will it taketo pay off the loan? Give the answer correct to two decimal places.monthly payments (d) Use your answer to part (c) to find how muchinterest they save by paying the loan this way. (Round your answerto the nearest cent.) $

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