3. After discussing things with a bank, the family learned that they can (1) refinance the remaining $15 comma 400 amount on the vehicle 1 at 13%, over 4 years, (2) refinance the remaining $8500 loan amount on the vehicle 2 at 13%, over 3 years, (3) refinance the remaining $119 comma 900 loan amount on their home at 5%, over 25 years, and (4) reduce their car insurance payments by $30 per month. Complete the following table. (Round to the nearest cent as needed. Do not include the $ symbol in your answer.) Part 9Part 10Part 11Part 12Part 13Part 14 Item Current Loan Amount New Interest Rate New Term of Loan New Monthly Payment Motor vehicle 1 $ enter your response here enter your response here% enter your response here years $ enter your response here Motor vehicle 2 $ enter your response here enter your response here% enter your response here years $ enter your response here Home $ enter your response here enter your response here% enter your response here years $ enter your response here 2nd mortgage on home $ enter your response here enter your response here% enter your response here years $ enter your response here Car insurance $ enter your response here Health insurance $ enter your response here Real estate taxes and insurance on home $ enter your response here Total $

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter19: Capital Investment

Section: Chapter Questions

Problem 8E

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3. After discussing things with a bank, the family learned that they can (1) refinance the remaining $15 comma 400 amount on the vehicle 1 at 13%, over 4 years, (2) refinance the remaining $8500 loan amount on the vehicle 2 at 13%, over 3 years, (3) refinance the remaining $119 comma 900 loan amount on their home at 5%, over 25 years, and (4) reduce their car insurance payments by $30 per month. Complete the following table. (Round to the nearest cent as needed. Do not include the $ symbol in your answer.) Part 9Part 10Part 11Part 12Part 13Part 14 Item Current Loan Amount New Interest Rate New Term of Loan New Monthly Payment Motor vehicle 1 $ enter your response here enter your response here% enter your response here years $ enter your response here Motor vehicle 2 $ enter your response here enter your response here% enter your response here years $ enter your response here Home $ enter your response here enter your response here% enter your response here years $ enter your response here 2nd mortgage on home $ enter your response here enter your response here% enter your response here years $ enter your response here Car insurance $ enter your response here Health insurance $ enter your response here Real estate taxes and insurance on home $ enter your response here Total $

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