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6 . 6 2 5 % ( APR ) . a . What monthly repayments will be required with the new loan? b . If
APR
a What monthly repayments will be required with the new loan?
b If you still want to pay off the mortgage in years, what monthly payment should you make after you refinance?
c Suppose you are willing to continue making monthly payments of $ How long will it take you to pay off the mortgage after refinancing?
Note: Be careful not to round any intermediate steps less than six decimal places.
a What monthly repayments will be required with the new loan?
The monthly repayments with the new loan will be $Round to the nearest cent.
b If you still want to pay off the mortgage in years, what monthly payment should you make after you refinance?
If you still want to pay off the mortgage in years, the monthly repayments will be $Round to the nearest cent.
c Suppose you are willing to continue making monthly payments of $ How long will it take you to pay off the mortgage after refinancing?
It will take approximately months. Round to two decimal places.
You can borrow an additional $Round to the nearest cent.
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