14) To purchase studio space, on April 3, 2025 a pianist takesout a 30-year loan of $120,000 at an annual interest rate of 11%.The first monthly payment is to be made on May 3, 2025; the finalpayment is scheduled to be made April 3, 2055. The monthly paymentis $1,142.79 . [Note: If you use the table you’ll get that themonthly payment is $1,142.40, but the table produces anapproximation. $1,142.79 is the precise payment.]
a) Calculate the total interest charged over the course of theloan, assuming that nothing but the standard payment is made eachmonth.
b) How much will she owe immediately after making the payment onJune 3, 2025? (= the second payment) Round appropriately to thenearest penny.
c) Suppose that as part of that June 3, 2025 payment she pays anextra $300 as an overpayment. Calculate the dollar amount ofinterest which this saves in the future. Round your answer down tothe nearest $10.
