Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How much lower would the montly payment be for the following 30 year monthly mortgage 10 years later if the new 20 year mortgage

How much lower would the montly payment be for the following 30 year monthly mortgage 10 years later if the new 20 year mortgage rate is 3.5% APR Original Mortgage 30 5% Maturity Rate Amount 350,000 Years APR Refinance 10 Years later 20 3.50% Years APR

Step by Step Solution

3.48 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

The monthly payment for the new 20year mortgage at 35 APR will be 179607 which is 23510 less th... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Finance questions