Clark and Lana take a 30-year home mortgage of $127,000 at 7.1%,
compounded monthly. They make their regular monthly payments for 5
years, then decide to pay $1,100 per month. (a) Find their regular
monthly payment. (b) Find the unpaid balance when they begin paying
the $1,100. (c) How many payments of $1,100 will it take to pay off
the loan? Give the answer correct to two decimal places. (d) Use
your answer to part (c) to find how much interest they save by
paying the loan this way.