The Wilson's have a twenty-five-year old loan for $47,000 with which they purchased their house. Their loan is a thirty-year simple interest loan amortized loan at 4.5%. They have a savings of $73,000, which they have invested in a certificate of deposit currently paying 8.25% interest compounded monthly. Should they pay off their home loan? Why or why not?

The Wilson's have a twenty-five-year old loan for $47,000 with which they purchased their house. Their loan is a thirty-year simple interest loan amortized loan at 4.5%. They have a savings of $73,000, which they have invested in a certificate of deposit currently paying 8.25% interest compounded monthly. Should they pay off their home loan? Why or why not?