Question
FreddieMac reports that the average rate on a 30-year fixed rate mortgage is 3.92% as of January 2012. This is down from 4.76% in January
FreddieMac reports that the average rate on a 30-year fixed rate mortgage is 3.92% as of January 2012. This is down from 4.76% in January 2011 and 5.03% in January 2010. If you have a $216,000, 5%, 30-year mortgage, how much interest will you save if you refinance your loan at 3.5% for 20 years?
Joe Levi bought a home in Arlington, Texas, for $130,000. He put down 25% and obtained a mortgage for 30 years at 8%. What is the difference in interest cost if he had obtained a mortgage rate of 6%? (Do not round intermediate calculations. Round your answer to the nearest cent.)
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