Doug and Lynn bought their home three years ago. They have a mortgage payment of $ 601.69. Interest rates have recently fallen, and they can lower their mortgage payments to $ 491.31 if they refinance. What would their annual savings be if they refinance? They are in a 15% marginal tax rate bracket.
Answer to relevant QuestionsUse a Web site or a financial calculator to determine the monthly mortgage payment (excluding property taxes and insurance) on a $ 90,000 mortgage if the Sampsons obtain a new 30- year mort-gage at the 8% interest rate. What are the advantages and disadvantages to Brad of leasing rather than purchasing the car? What is homeowner’s insurance? How the premiums are normally paid? How is renter’s insurance different from homeowner’s insurance? Who should consider purchasing renter’s insurance? Briefly describe some of the provisions of a renter’s insurance policy. How does medical payments coverage under an auto insurance policy work? Why is medical payments coverage valuable even if you have a good health insurance plan?
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