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Suppose you take out a 45 year $225.000 mortgage with an APIR of 8% You make payments for 2 years (24 monthly payments and then
Suppose you take out a 45 year $225.000 mortgage with an APIR of 8% You make payments for 2 years (24 monthly payments and then consider refinancing the right for the new les would have term of 15 years have an APR 054%, and be in the amount of the unpaid balance on the original loan (The amount you borrow on the new loan would be used to pay on the balance on the originata The administrative cost of taking out the second loan would be $2200 Use the information to complete parts (a) through (e) below a What are the monthly payments on the original loan? SE (Round to the nearest cents needed) b. A short oculation shows that the unpaid balance on the original soon after 2 year is $22,825.73, which would become the amount of the second an. What would the monthly payments on the second loan? (Round to the nearestent as needed) c. What would be the total amount you would pay if you continued wm the original 45-year loan without reading? (Hound to the nearest cent as needed) d What would be the total amount you would pay with the refinancing? (Round to the nearest cont as needed) we What dors should be considered in making the decision
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