Jennifer's condo is worth $400,000. She owes $300,000 on her 6% fixed-rate mortgage, compounds semi-annually that has three years remaining in its term. Jennifer pays $2,245 per month towards it. She also has the following debts: $25,000 unsecured line of credit at 7% with a monthly payment of $750. $30,000 on a student loan at 7%, with a monthly payment of $232. $15,000 credit card at 20% with a monthly payment of $253. She has already used up her prepayment privileges for the year. She can get a new mortgage at 4% or add funds to her existing mortgage at a rate of 5%. Jennifer has a conventional mortgage charge against her property. Her lender charges $300 to discharge any mortgage and $500 to set up new legal documents for any mortgage. For answers: Use round numbers for dollars (i.e. $5678 vs $5678.99) and no commas Use 2 decimal places for percentages (i.e. 5.10% vs 5.098%) and no symbols Find the amortization of the current mortgage. [A] Answer :

Find the prepayment penalty for the current mortgage. Calculate both penalty options? Three-Months Interest [B] Answer : Interest Rate Differential [C] Answer : What would be the total amount borrowed for the New Mortgage? [D] Answer : What would be the payment if the penalty is paid and a new mortgage is set up? [E] Answer : What would be the New Mortgage amount borrowed if the mortgage is blended and extended? [F] Answer : Find the interest rate if the mortgage is blended and extended? [G] Answer : Find the payment if the mortgage is blended and extended? [H] Answer : Determine the total current monthly debt costs? [I] Answer : Find the total cost savings per month with the lowest Rate (when comparing current debt costs to options above)? [J] Answer :

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