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I just need number 10 Suppose that 10 years ago you bought a home for $120,000, paying 10% as a down payment, and financing the
I just need number 10
Suppose that 10 years ago you bought a home for $120,000, paying 10% as a down payment, and financing the rest at 7% interest for 30 years. Your existing mortgage (the one you got 10 years ago) How much money did you pay as your down payment? $ 12000 Question 2 50.7/1 pt Details Score on last try: 0.7 of 1 pts. See Details for more. How much money was your existing mortgage (loan) for? $ 108000 Question 3 2.1/3 pts Details Score on last try: 2.1 of 3 pts. See Details for more. What is your current monthly payment on your existing mortgage? $ 718.50 Note: Carry at least 4 decimal places during calculations. Question 4 0.8/2 pts O Details Score on last try: 0.8 of 2 pts. See Details for more. How much total interest will you pay over the life of the existing loan? $ 150660 150670.8 X Question 5 B0/1 pt Details Score on last try: 0 of 1 pts. See Details for more. This year (10 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 $92,678 left to pay on your loan. Your house is now valued at $170,000. Your current situation How much of the original loan have you paid off? (i.e, how much have you reduced the loan balance by? Keep in mind that interest is charged each month - it's not part of the loan balance.) $77332 x 15322 Question 6 1/1 pt Details Score on last try: 1 of 1 pts. See Details for more. How much money have you paid to the loan company so far (over the last 10 years)? $ 86220 Note: the down payment is not included here, as it is paid directly to the seller Question 7 1/1 pt Details Score on last try: 1 of 1 pts. See Details for more. How much interest have you paid so far (over the last 10 years)? $ 70888 x Question 8 0/1 pt Details Score on last try: 0 of 1 pts. See Details for more. How much equity do you have in your home (equity is value minus remaining debt) $ 71332 x 77322 X Question 9 0/3 pts Details Score on last try: 0 of 3 pts. See Details for more. Refinancing Since interest rates have dropped, you consider refinancing your mortgage at a lower 6% rate. If you took out a new 30 year mortgage at 6% for your remaining loan balance, what would your new monthly payments be? $ 519.50 x 0 555.65 X Question 10 B0/2 pts 2 Details Score on last try: 0 of 2 pts. See Details for more. You can retry this question below How much interest will you pay over the life of the new loan? Submit Question X Question 11 B0/1 pt 51 Details Score on last try: 0 of 1 pts. See Details for more. You can retry this question below Analyzing the refinance Notice that if you refinance, you are going to be making payments on your home for another 30 years. In addition to the 10 years you've already been paying, that's 40 years total. How much will you save each month because of the lower monthly payment? $ Submit Question X Question 12 B0/1 pt 2 Details Score on last try: 0 of 1 pts. See Details for more. You can retry this question below How much total interest will you be paying (consider the interest you paid over the first 10 years of your original loan as well as interest on your refinanced loan) $ Submit Question X Question 13 B0/2 pts 32 Details Question submitted. This question contains parts that must be graded by your instructor. They will show a score of O until they are g You can retry this question below Now the non-computational question: Does it make sense to refinance? (there isn't a correct answer to this question. Just give your opinion and your reason) Yes it makes sense to refinance. Refiance can be helpful for to know your lowest interest rate on your loan. (Note: The computer can't auto-grade this part, so it will show a score of 0 until I manually grade it)Step by Step Solution
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