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a) total savings b) how much interest will they pay over the life of the new loan 10.5.62 The Smiths are refinancing their home mortgage

a) total savings b) how much interest will they pay over the life of the new loan
10.5.62 The Smiths are refinancing their home mortgage to a 15-year loan at 8.4% annual interest compounded monthly. Their outstanding balance on the loan is $117,000 (a) Under their current loan, the Smiths' monthly mortgage payment is $1348. How much will the Smiths be saving in their monthly mortgage payments by refinancing? (b) How much interest will the Smiths pay over the life of the new loan

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