Mathematics, 20.11.2020 07:20 katelynn73

Suppose you take out a 30-year $300,000 mortgage with an APR of 6%. You make payments for 4 years (48 monthly payments) and then consider refinancing the original loan. The new loan would have a term of 20 years, have an APR of 5.6%, and be in the amount of the unpaid balance on the original loan. (The amount you borrow on the new loan would be used to pay off the balance on the original loan.) The administrative cost of taking out the second loan would be $2300. Use the information to complete parts (a) through (e) below. a. What are the monthly payments on the original loan?
$ (Round to the nearest cent as needed.)

b. A short calculation shows that the unpaid balance on the original loan after 4 years is $283,843.60, which would become the amount of the second loan. What would the monthly payments be on the second loan?
$ (Round to the nearest cent as needed.)

c. What would be the total amount you would pay if you continued with the original 30-year loan without refinancing?
$ (Round to the nearest cent as needed.)

d. What would be the total amount you would pay with the refinancing?
$ (Round to the nearest cent as needed.)

Answers: 1

Show answers

Another question on Mathematics

Mathematics, 21.06.2019 14:30

Organisms that live in the alpine and taiga biomes have developed unique adaptations that aid in their survival. the douglas-fir is a conifer tree that grows in the taiga biome. it has an average height of about 70 feet, and its wood is an important source of lumber.

Answers: 3

Answer

Mathematics, 21.06.2019 14:30

anyone? find the second, fifth, and ninth terms of a sequence where the first term is 65 and the common difference is -7. 72, 93, 121 72, 79, 86 58, 37, 9 58, 51, 44

Answers: 1

Answer

Mathematics, 21.06.2019 17:30

40 describe the outliers from the scatter plot.

Answers: 1

Answer

Mathematics, 21.06.2019 19:00

Stefano accidentally dropped his sunglasses off the edge of a canyon as he was looking down. the height, h(t), in meters (as it relates to sea level), of the sunglasses after t seconds, is shown in the table. during its descent, the pair of sunglasses passed by a climber in the canyon 6 seconds after stefano dropped them. to the nearest meter, what is difference in elevation between stefano and the climber? 166 meters 176 meters 230 meters 240 meters its b.176 i took the test 166 is wrong and 176 is correct

Answers: 1

Answer

You know the right answer?

Suppose you take out a 30-year $300,000 mortgage with an APR of 6%. You make payments for 4 years (4...

Questions