Joseph and Emma are house shopping and decide on a cozy two-bedroom home that will cost $165,000.They can qualify for a 15-year loan at 3.2%.They have a $25,000down payment,courtesy of a wedding gift from Martin Harris.What will their monthly payment be (principle and interest)?

Joseph and Emma have faithfully been making payments on their home for the last 5years.Interest rates havedropped to 2.3% and Joseph and Emma decide to refinance for the remainder of their 15-year loan. They will pay $1,800 to refinance. What will their new monthly payment be? How long will it take them to break even? (Use information from last question )