A loan officer told them that they can (1) refinance the remaining $14, 900 amount on the Honda Accord at 12% over 4 yrs, (2) refinance the remaining $8600 loan amount on the Ford truck at 12% over 3 yrs.,$121,850 loan amount on their home at 5% over 30 yrs., and reduce their car insurance payments by $28 per month. Complete the following table:

ITEM Current Loan Amount New Interest Rate New Term Of Loan New Monthly Payment

Honda Accord $14,900 12% 4 yrs ___________

Ford Truck. $8,600 12% 3 yrs _____________

Home. $121,850 5% 30 yrs _______________

Home Equity $4,500 12% 3 yrs _______________

Car Insurance ________ ________ _________ _________________

Health Insurance _________ _________ ___________ _________________

Total _______________________________________________________________________________________________

4. Find the reduction in their monthly payments.