Question $15$

$1$ pts

Four years ago, you borrowed $$300,000$ to buy a house at $7\%$ for $30$ years. You want to refinance your house by borrowing the remaining balance and closing cost $($$$3,000)$ at $5\%$ for $20$ years.

What is your monthly payment saving if you refinance? $($ Round up to only integers$)$

Question $16$

$1$ pts

How many months do you have to continue to own the house to justify the refinancing decision? $($how many months it takes to breakeven your refinance cost? $($Round up to only integers$)$