Mr$.$ and Mrs$.$ Goodwill are considering refinancing their mortgage to consolidate their current debts as they are having difficulties in paying the monthly payments.

They come to your office to get a financial advice.

Considering below information, what would be your suggestion?

Mortgage:

Current price of the property: $[$EACH student should choose a value between $$1$ Milion and $$1\mathrm{.}5$ Million dollars$]$

Mortgage balance: $[50\%$ of the current value$]$

Prepayment privilege: $[$EACH student can choose either $10\%$ or $15\%$

Mortgage Amortization$=15$ years

Interest rates are compounded semi$-$annually, and payments are paid monthly.

Mortgage contract is fixed rate with $36$ months remaining, interest rate $=4\%$

Current market value $=3\%$

Extension interest rate $=3\mathrm{.}6\%$

$\backslash$table$[[$Debts:$,$Balance,Monthly$],[$payments$,,],[$Line of credit,$$70,000,$$$1000$

Mr$.$ and Mrs$.$ Goodwill are considering refinancing their mortgage to consolidate their current debts as they are having difficulties in paying the monthly payments.

They come to your office to get a financial advice.

Considering below information, what would be your suggestion?

Mortgage:

Current price of the property: $[$EACH student should choose a value between $$1$Milion and $$1\mathrm{.}5$ Million dollars$]$

Mortgage balance: $[50\%$ of the current value$]$

Prepayment privilege: student can choose either $10\%$ or $15\%$

Mortgage Amortization$=15$ years

Interest rates are compounded semi$-$annually, and payments are paid monthly.

Mortgage contract is fixed rate with $36$ months remaining, interest rate $=4\%$

Current market value $=3\%$

Extension interest rate $=3\mathrm{.}6\%$

$\backslash$table$[[,$Balance,$],[$Debts:$,,$Monthly.$],[$payments$,$$$70,000,$$$1000$

mes Pari

Mr$.$ and Mrs$.$ Goodwill are considering refinancing their mortgage to consolidate their current debts as they are having difficulties in paying the monthly payments.

They come to your office to get a financial advice.

Considering below information, what would be your suggestion?

Mortgage:

Current price of the property: $[$EACH student should choose a value between $$1$ Milion and $$1\mathrm{.}5$ Million dollars$]$

Mortgage balance: $[50\%$ of the current value$]$

Prepayment privilege: $[$EACH student can choose either $10\%$ or $15\%]$

Mortgage Amortization$=15$ years

Interest rates are compounded semi$-$annually, and payments are paid monthly.

Mortgage contract is fixed rate with $36$ months remaining, interest rate $=4\%$

Current market value $=3\%$

Extension interest rate $=3\mathrm{.}6\%$

$\backslash$table$[[,$Balance,$],[,,],[$Debts:$,$$$70,000,$$$1000$