Consider again the mortgage refinance problem in Problem 16. Assume that Dave and Jana have accepted the
Question:
Consider again the mortgage refinance problem in Problem 16. Assume that Dave and Jana have accepted the refinance offer of a 15-year loan at 3% interest rate with out-of- pocket expenses of $2,937. Recall that they are borrowing $208,555.87. Assume that there is no prepayment penalty, so that any amount over the required payment is applied to the principal. Construct a model so that you can use Goal Seek to determine the monthly payment that will allow Dave and Jana to pay off the loan in 12 years. Do the same for 10 and 11 years. Which option for prepayment, if any, would you choose and why?
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To answer this question use Goal Seek to find the additional payment that makes the given month bala...View the full answer
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Related Book For 
Essentials of Business Analytics
ISBN: 978-1305627734
2nd edition
Authors: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
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