You have purchased a home here in Silicon Valley several years ago and the current unpaid balance on your loan is 1700000. Your current loan rate is 4.5%. Your loan officer called to tell you that bank is willing to refinance your home at a 3.6% nominal rate. The refinancing would require you to reset the loan to 30 years with monthly payments. 

How much would your monthly payments be if you refinanced at the lower 3.6% rate

Answer rating: 100% (QA)

We need to calculate the monthly payments after refinancing at a ... View the full answer