Maria is trying to decide if she should refinance her mortgage. Maria has a 30-year mortgage...

 

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Maria is trying to decide if she should refinance her mortgage. Maria has a 30-year mortgage loan at 6.5%. She knows that her monthly payments are $1,583 per month and has made these payments for 4 years. Currently, she can refinance the loan to a 20-year at 3.5%. If she chooses to refinance, her closing costs (paid up front) will be 3% of the refinanced loan amount. 26. What was the original amount that Maria borrowed (round to the nearest dollar)? 27. How much does Maria currently owe on the loan (principle) (round to the nearest dollar)? 28. What will be Maria's new payments if she refinances (round to the nearest penny)? 29. How much interest will Maria save if she refinances (round to the nearest dollar)? Maria is trying to decide if she should refinance her mortgage. Maria has a 30-year mortgage loan at 6.5%. She knows that her monthly payments are $1,583 per month and has made these payments for 4 years. Currently, she can refinance the loan to a 20-year at 3.5%. If she chooses to refinance, her closing costs (paid up front) will be 3% of the refinanced loan amount. 26. What was the original amount that Maria borrowed (round to the nearest dollar)? 27. How much does Maria currently owe on the loan (principle) (round to the nearest dollar)? 28. What will be Maria's new payments if she refinances (round to the nearest penny)? 29. How much interest will Maria save if she refinances (round to the nearest dollar)?

Answer rating: 100% (QA)

To calculate the answers to the questions we will follow these steps 1 Calculate the original loan amount 2 Calculate the remaining loan balance 3 Cal... View the full answer