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everything is the same but she borrows $300,000 at 6% instead. And for C , gets out of the 6% into a 3% mortgage with 10 years.

9-20 Lillian Hicks will borrow $250,000 at 7 percent to buy a home. Her mortgage is for 30 years. (a) How much will her monthly payment be? Assume that mortgage payments will be made monthly. (b) How much interest will she pay over the life of the loan? (c) How much should she pay to get out of the 7 percent mortgage into a 5 percent mortgage with 15 years remaining on the mortgage