Mr. Nezir refinances his existing mortgage (30 years, $ 275,000, 4.00% interest) at 2.00% interest for 15 years. How much does his mortgage payment change by? Group of answer choices Stays the same Decreases by $ 43, 536.81 Decreases by $456.76 Increases by $456.76 Madame Blueberry has a mortgage loan of $200,000 for 30 years at 4.25% annual interest. If she refinances the $200,000 for 15 years at 2.25% annual interest, how much will she SAVE (total) in interest over the life of the loan? Group of answer choices $0.00 None $ 154, 196.72 $118,366.20 $35, 830.52
Mr. Nezir refinances his existing mortgage (30 years, $ 275,000, 4.00% interest) at 2.00% interest for 15 years. How much does his mortgage payment change by? Group of answer choices Stays the same Decreases by $ 43, 536.81 Decreases by $456.76 Increases by $456.76 Madame Blueberry has a mortgage loan of $200,000 for 30 years at 4.25% annual interest. If she refinances the $200,000 for 15 years at 2.25% annual interest, how much will she SAVE (total) in interest over the life of the loan? Group of answer choices $0.00 None $ 154, 196.72 $118,366.20 $35, 830.52
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Concept explainers
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.
Question
Transcribed Image Text:Mr. Nezir refinances his existing mortgage (30 years, $
275,000, 4.00% interest) at 2.00% interest for 15 years.
How much does his mortgage payment change by?
Group of answer choices Stays the same Decreases by $
43, 536.81 Decreases by $456.76 Increases by $456.76
Madame Blueberry has a mortgage loan of $200,000
for 30 years at 4.25% annual interest. If she refinances
the $200,000 for 15 years at 2.25% annual interest, how
much will she SAVE (total) in interest over the life of the
loan? Group of answer choices $0.00 None $
154, 196.72 $118,366.20 $35, 830.52
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