How much will the couple save over the life

Reference no: EM13303269

A young couple buying their first home borrows $86,000 for 29 years at 8.4%, compounded monthly, and makes payments of $660.27. After 3 years, they are able to make a one-time payment of $1000 along with their 36th payment. How much will the couple save over the life of the loan by paying the extra $1000?

Reference no: EM13303269

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