Question 1 1/1 pt 2 Details Score on last try: 1 of 1 pts. See Details for more. You can retry this question below Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment, and financing the rest at 7% interest for 30 years. Your existing mortgage (the one you got 10 years ago) How much money did you pay as your down payment? 11000 Submit Question Question 2 1/1 pt 2 Details Score on last try: 1 of 1 pts. See Details for more. You can retry this question below How much money was your existing mortgage (loan) for? 99000 Submit Question Question 3 3/3 pts 52 Details Score on last try: 3 of 3 pts. See Details for more. Question 9 0/3 pts 3 Details Refinancing Since interest rates have dropped, you consider refinancing your mortgage at a lower 6% rate. If you took out a new 30 year mortgage at 6% for your remaining loan balance, what would your new monthly payments be? Submit Question Question 10 0/2 pts 3 Details How much interest will you pay over the life of the new loan? Submit Question Question 11 G0/1 pt 03 Details Analyzing the refinance Notice that if you refinance, you are going to be making payments on your home for another 30 years. In addition to the 10 years you've already been paying, that's 40 years total. How much will you save each month because of the lower monthly payment? Submit Question Submit Question Question 12 B0/1 pt 3 Details How much total interest will you be paying (consider the interest you paid over the first 10 years of your original loan as well as interest on your refinanced loan) Submit Question Question 13 B0/2 pts 3 Details Now the non-computational question: Does it make sense to refinance? (there isn't a correct answer to this question. Just give your opinion and your reason) (Note: The computer can't auto-grade this part, so it will show a score of O until I manually grade it) Submit Question Previous