Question: can any one solve D,E,F please 1. The Eggerts bought a house 9 years ago The house cost $185,000 and they made a 20% down
can any one solve D,E,F please

1. The Eggerts bought a house 9 years ago The house cost $185,000 and they made a 20% down payment and took out a 30 year mortgace at 6.25% compounded monthly 30 D) The Eggerts find out that they can refinance the house for 3.875% compounded monthly. If they refinance the house into a 20 year loan, what will their new payments be? Round your answer from part B) to the nearest dollar for the purposes of this question. E) How much total will they pay if they refinance? F) How much will they save by refinancing? 1) Given, the cost of the house is = $185000 Then, the down payment's amount is = $(185000*20%) = $(185000*20/100) = $37000 Now, the mortgage amount is = $(185000-37000) = $148000 (A) Here, P= $148000 r=(6.25/1200) = (625/120000) = 1/192 t = 30 years = (30*12) months = 360 months Then, monthly payment is : Pr 1-(1+r) - M= 148000 * (1/192) i.e., 1- (1 + 10) -360 148000 * /192 M = M = 1 1 - 193-360 i.e., M 911.26 Therefore, the required monthly payment is $911.26. (B) They still owe = Sl148000 (1 + 192) -360 (1+1)-1081 (1 + 100) -360 1 1932-360 1931087 $ 148000 x 1939 -1 $72874 C) The total amount they would pay for the house is =$(911.26*360) = $328053.6. 1. The Eggerts bought a house 9 years ago. The house cost $185,000 and they made a 20% down payment and took out a 30 year mortgage at 6.25% compounded monthly. A) Determine their monthly payments. B) Determine how much they still owe (rounded to the nearest dollar). C) Determine how much total they would pay for the house if they made payments for all 30 years
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