I need help with 10-12

1. [2 points] Suppose that 15 years ago you botsght a home for 5500,000 , paying 20% as a dowz paymsent, and financing the rest at 5% interest for 30 years. How nuch money did you pay as your down payment? 2. [2 points] How mach moncy was your existing moetgage (loan) for? 3. [2 points] What is yoar current mosthly payment on yoar existing moctgage? Note: Catry at least 4 decimal places during calculations, but reund your final answer to the nearest cent, 4. [2 points] How much total interest will you pay over the life of the existing loan? 5. [2 points] This year ( 15 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 rext. has been going towards interest. You see that you still have $271,536 left to pay on your loan. Your house is now valued at 5650,000 . How much of the original loan have you paid off? (i.e, how much have you reduced the loan balance by? 6. [2 points] How much moncy have you paid to the loan company so far fover the last 15 years)? 7. [2 points] How much interest have you paid so far (over the last 15 years)? 8. [2 points] How mach equity do yoa have in your home (equity is value minus remaining debt)? 9. [2 points] Since interest rates have dropped. you consider refinanking your mortgage at a lower 3% rate. If you look out a new 30 year mortgage at3\%s for your remaining loan balance, what woald your new moethly payments be? 10. [2 points] How mach interest will you pay over the life of the new loan? 11. [2 points] Notice that if you refinance, you are going to be making payments on your bome for another 30 years. In addition to the 15 years you've already been paying, thar's 45 years total. How much will yoa save each month because of the lower monthly payment? 12. [2 points] How mach total interest will you be paying (consider the interest yoa paid over the first 15 years of your original loan as well as interest on your refinanced loanj? 13. [1 point] Now the non-computational question: Does it malke sense to refinance? (There isn't a correct answer to this question. Just give your opinsion and your reason.) 1. [2 points] Suppose that 15 years ago you botsght a home for 5500,000 , paying 20% as a dowz paymsent, and financing the rest at 5% interest for 30 years. How nuch money did you pay as your down payment? 2. [2 points] How mach moncy was your existing moetgage (loan) for? 3. [2 points] What is yoar current mosthly payment on yoar existing moctgage? Note: Catry at least 4 decimal places during calculations, but reund your final answer to the nearest cent, 4. [2 points] How much total interest will you pay over the life of the existing loan? 5. [2 points] This year ( 15 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 rext. has been going towards interest. You see that you still have $271,536 left to pay on your loan. Your house is now valued at 5650,000 . How much of the original loan have you paid off? (i.e, how much have you reduced the loan balance by? 6. [2 points] How much moncy have you paid to the loan company so far fover the last 15 years)? 7. [2 points] How much interest have you paid so far (over the last 15 years)? 8. [2 points] How mach equity do yoa have in your home (equity is value minus remaining debt)? 9. [2 points] Since interest rates have dropped. you consider refinanking your mortgage at a lower 3% rate. If you look out a new 30 year mortgage at3\%s for your remaining loan balance, what woald your new moethly payments be? 10. [2 points] How mach interest will you pay over the life of the new loan? 11. [2 points] Notice that if you refinance, you are going to be making payments on your bome for another 30 years. In addition to the 15 years you've already been paying, thar's 45 years total. How much will yoa save each month because of the lower monthly payment? 12. [2 points] How mach total interest will you be paying (consider the interest yoa paid over the first 15 years of your original loan as well as interest on your refinanced loanj? 13. [1 point] Now the non-computational question: Does it malke sense to refinance? (There isn't a correct answer to this question. Just give your opinsion and your reason.)