How much less can they expect to pay over the life of the loan in interest payments by refinancing the loan at this time? Round your answer to the nearest cent.

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Q: Martha Diaz needs an investment loan. She gets a simple interest amortized loan for $12,000 at 8.5 %…

A: Interest is the cost of borrowing the money.

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A: Answer Sheet: Formula Sheet: The amortization period will be shortened by 1.9 years

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A: Monthly payment refers to an amount that is paid every month for the repayment of a loan amount…

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A: Ordinary annuity is the PMTs which are made at the end of the period.

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A: Monthly mortgage paymentA monthly mortgage payment is the regular amount of money you pay to a…

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A: As your question contains multiple subparts, we would be answering first three only. To get the…

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A: Mortgage refers to the amount borrowed against the purchase of the real estate. Amortization of the…

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A: The process of progressively lowering an account balance over the course of time is referred to as…

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.