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In order to buy a vacation home, Neal and Lilly took out a 20-year mortgage for $170,000 at an annual interest rate of 12%.
In order to buy a vacation home, Neal and Lilly took out a 20-year mortgage for $170,000 at an annual interest rate of 12%. After 10 years, they refinanced the unpaid balance of $130,502 at an annual rate of 10%. Use the table to find the monthly payments on the original loan; the monthly payments on the new loan; and the total amount saved on interest by refinancing. Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments on the original loan are $ (Type an integer or a decimal.) Monthly Payment on a $1,000 loan Number of Years for the Loan Annual Interest Rate 3 4 10 20 30 4% $29.53 $22.58 $10.12 $6.06 $4.77 5% 29.97 23.03 10.61 6.60 5.37 6% 30.42. 23.49 11.10 7.16 6.00 8% 31.34 24.41 12.13 8.36 7.34 10% 32.27 25.36 13.22 9.65 8.78 12% 33.21 26.33 14.35 11.01 10.29 Print Done - X
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