Question: solve and draw timeline (Quantitative Question) The mortgage on your house is five years old. It required monthly payments of S1402, had an original term
(Quantitative Question) The mortgage on your house is five years old. It required monthly payments of S1402, had an original term of 30 years, and had an interest rate of 94 APR (compounded monthly, in the intervening five years interest rates have fallen and so you have decided to refinance - that you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30 year term requires monthly payments, and has an interest rate of 6,3% APR (compounded monthly). 1. What is the amount of loan outstanding today when you decide to refinance the loan? (Round to 2 decimal places) b. What monthly repayments will be required with the new loan? Hound to 2 decimal places) c. tf you still want to pay off the mortgage in 25 years, what monthly payment should you make after you refinances (Round to 2 decimal places) d. Suppose you are willing to continue making monthly payments of 51002. How long will take you to pay off the mortgage after refinancing on months Round to next whole month)
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