suppose that 10 years ago you bought a home for 160,000 paying a 10 % as a down payment , and financing the rest at 8% interest for 30 years.

your existing mortgage (the one you got ten years ago)

how much money did you pay as your down payment. =16,000

how much money was your existing mortgage (loan) for?

=144,000

help? with the rest

3. what is your current monthly payment on your existing mortgage?$ note: Carry at least 4 decimal places during calculations , but round your final answer to the nearest cent.

4. how much total interest will you pay over the life of the existing loan ?$

5.

6. how much money have you paid to the loan company so far( over the last ten years) ?$

7. how much interest have you paid so far( over the last ten years)?$

8. how much equity do you have in your home (equity is value minus remaining debt)?$

9. refinancing since interest rates have dropped , you consider refinancing your mortgage at a lower 6%rate. if you took out a new 30 year mortgage at 6% for your remaining loan balance, what would your new monthly payments be?$

10. how much interest will you pay over the life of a new loan ?$

clear writing please thank you

. Question 5 B0/1 pt 3 Details This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan: the rest has been going towards interest. You see that you still have $126,323 left to pay on your loan. Your house is now valued at $200,000. Your current situation How much of the original loan have you paid off? (ie, how much have you reduced the loan balance by! Keep in mind that interest is charged each month - its not part of the loan balance.)