Question
A person purchased a $131000 home 10 years ago by paying 20% down and signing a 30-year mortgage at 11.4% compounded monthly. Interest rates have
A person purchased a $131000 home 10 years ago by paying 20% down and signing a 30-year mortgage at 11.4% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 6.6% compounded monthly. How much interest will refinancing save?
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Banking With Integrity The Winners Of The Financial Crisis
Authors: Dr Heiko Spitzeck , Dr Michael Pirson, Dierksme , Dr. Heiko Spitzeck , Prof. Claus Dierksmeier, Dr. Michael Pirson
1st Edition
0230289959,0230346499
