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I am stuck with the Q 9 . Please help me with it , thanks! [ 1 ] Suppose that 1 5 years ago you
I am stuck with the Q Please help me with it thanks!
Suppose that years ago you bought a home for $ paying as a down payment, and financing the rest at interest for years. How much money did you pay as your down payment?
How much money was your existing mortgage loan for?
What is your current monthly payment on your existing mortgage? Note: Carry at least decimal places during calculations, but round your final answer to the nearest cent.
How much total interest will you pay over the life of the existing loan?
This year years after you first took out the loan you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $ left to pay on your loan. Your house is now valued at $ How much of the original loan have you paid off? ie how much have you reduced the loan balance by
How much money have you paid to the loan company so far over the last years
How much interest have you paid so far over the last years
How much equity do you have in your home equity is value minus remaining debt
Since interest rates have dropped, you consider refinancing your mortgage at a lower rate. If you took out a new year mortgage at for your remaining loan balance, what would your new monthly payments be
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