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Business, 24.06.2020 22:01 rjone8429

Suppose you purchased you first house 2 years ago and took out a mortgage for $160,000 with a 6.25% interest rate. The mortgage is a 30 year loan with monthly payments. Today you can refinance the loan at a 5.50% interest rate for a fixed fee of $5,000. Assume that you would only refinance enough to repay the old loan and the cost of refinancing. A. How much would you still owe on the loan after 2 years? B. Calculate the amount of the new loan and monthly payments of each loan?

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Suppose you purchased you first house 2 years ago and took out a mortgage for $160,000 with a 6.25%...
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