A couple borrows $180,000 at 5.4%, compounded monthly, ofr 30 years. After making 80 payments of $1011, they refinance at 4.8% compounded monthly for 25 years. with refinancing costs of %550 added to the new loan. A. find the amount refinanced B. find the new monthly payment C. how much is saved by refinancing
A couple borrows $180,000 at 5.4%, compounded monthly, ofr 30 years. After making 80 payments of $1011, they refinance at 4.8% compounded monthly for 25 years. with refinancing costs of %550 added to the new loan. A. find the amount refinanced B. find the new monthly payment C. how much is saved by refinancing
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 9FPE: Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five...
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A couple borrows $180,000 at 5.4%, compounded monthly, ofr 30 years. After making 80 payments of $1011, they refinance at 4.8% compounded monthly for 25 years. with refinancing costs of %550 added to the new loan.
A. find the amount refinanced
B. find the new monthly payment
C. how much is saved by refinancing
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