Jennifer condo is worth $400,000. She owes $300,000 on her 6% fixed-rate mortgage compounds semiannually that has three years remaining in its term. Jennifer pays $2,245 per month towards it. She also has the following debts:

• $25,000 unsecured line of credit at 7% with a monthly payment of $750.
• $30,000 on a student loan at 7%, with a monthly payment of $232.
• $15,000 credit card at 20% with a monthly payment of $253.

She has already used up her prepayment privileges for the year. She can get a new mortgage at 4% or add funds to her existing mortgage at a rate of 5%. Jennifer has a conventional mortgage charge against her property. Her lender charges $300 to discharge any mortgage and $500 to set up new legal documents for any mortgage.

For answers:

Use round numbers for dollars (i.e. $5678 vs $5678.99) and no commas

Use decimal places for percentages (i.e. 5.098% vs 5%)

Find the amortization of the current mortgage. Blank 1

Find the prepayment penalty for the current mortgage. Calculate both penalty options?

Three-Months Interest Blank 2 Interest Rate Differential Blank 3

Find the total amount for the New Mortgage Amount? Blank 4

Find the payment if the penalty is paid and a new mortgage is set up? Blank 5

Find the New Mortgage amount if the mortgage is blended and extended? Blank 6

Find the interest rate if the mortgage is blended and extended? Blank 7

Find the payment if the mortgage is blended and extended? Blank 8

Determine the total current monthly debt costs? Blank 9

Find the total cost savings per month with the lowest Rate?