A person purchased a $145,000 home 10 years ago by paying 20% down and signing a 30-year
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A person purchased a $145,000 home 10 years ago by paying 20% down and signing a 30-year mortgage at 7.9% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 5.5% compounded monthly. How much interest will refinancing save?
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Surehere is my analysis Original mortgage Principal145000 Down payment20 145000 29000 Loan amount145...View the full answer
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Usman Nasir
I did Master of Commerce in year 2009 and completed ACCA (Association of Chartered Certified Accountants) in year 2013. I have 10 years of practical experience inclusive of teaching and industry. Currently i am working in a multinational company as finance manager and serving as part time teacher in a university. I have been doing tutoring via many sites. I am very strong at solving numerical / theoretical scenario-based questions.
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Related Book For 
College Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780321945518
13th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen
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