Score: 0.5 of 1 pt 4 of 5 (4 complete HW Score: 70%, 3.5 of 5 pts P5-23 (similar to) Question Help The mortgage on your house is five years old. It required monthly payments of $1,422, had an original term of 30 years, and had an interest rate of 10% (APR). In the intervening five year, interest rates have fallen and so you have decided to refinance that is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year form, requires monthly payments, and has an interest rate of 6.625% (APR). a. What monthly repayments will be required with the new loan? b. If you still want to pay off the mortgage in 25 years, what monthly payment should you make after you refrance? c. Suppose you are willing to continue making monthly payments of $1.422. How long will take you to pay off the mortgage after refinancing? d. Suppose you are willing to contrue making monthly payments of 51,422 and want to pay of the mortgage in 25 years. How much additional cash can you borrow today as part of the refinancing? a. What monthly repayments will be required with the now loan? The monthly payments with the new loan wil bes(Round to the nearest cent.) Score: 0.5 of 1 pt 4 of 5 (4 complete HW Score: 70%, 3.5 of 5 pts P5-23 (similar to) Question Help The mortgage on your house is five years old. It required monthly payments of $1,422, had an original term of 30 years, and had an interest rate of 10% (APR). In the intervening five year, interest rates have fallen and so you have decided to refinance that is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year form, requires monthly payments, and has an interest rate of 6.625% (APR). a. What monthly repayments will be required with the new loan? b. If you still want to pay off the mortgage in 25 years, what monthly payment should you make after you refrance? c. Suppose you are willing to continue making monthly payments of $1.422. How long will take you to pay off the mortgage after refinancing? d. Suppose you are willing to contrue making monthly payments of 51,422 and want to pay of the mortgage in 25 years. How much additional cash can you borrow today as part of the refinancing? a. What monthly repayments will be required with the now loan? The monthly payments with the new loan wil bes(Round to the nearest cent.)
