The fifth line states "Step 3. Monthly savings," and has an empty box on the right side. The sixth line states "Step 1.," followed by a blank space, "minus Step.2," followed by another blank space, followed by an arrow which points up to the empty box on the fifth line. The seventh line states "Step 4. Total refinance closing cost (appraisal, title search, etc.)," and has an empty box on the right side. The eighth line states "Step 5. Total months needed to recoup your cost," and has an empty box on the right side. The ninth line states "Step 4 result = Step 3 result," followed by an arrow which points up to the empty box on line eighth line. The tenth line states "Step 6. Total months you plan to live in your home," and has an empty box on the right side. The eleventh line states "The Bottom Line- If you plan to live in your home longer than the result in Step 5, it makes sense to refinance." de. In the result (a) What is your currently monthly mortgage (in $)? $ 1,658.50 (b) Using this table, what is your new monthly mortgage payment (in $) if you decide to refinance? (Round your answer to the nearest cent.) $ (c) What is your monthly savings (in $) if you decide to refinance? (Round your answer to the nearest cent.) $ (d) Calculate the total refinance closing cost (in $). (Round your answer to the nearest cent.) $ (e) How many months would you need to recoup the refinance closing cost? (Round your answer up to the nearest month.) months (e) How many months are you planning to live in your home? months (g) If you're planning live in your home for at least four more years, does it make sense to refinance your mortgage? Yes, it makes sense to refinance. No, it does not make sense. The fifth line states "Step 3. Monthly savings," and has an empty box on the right side. The sixth line states "Step 1.," followed by a blank space, "minus Step.2," followed by another blank space, followed by an arrow which points up to the empty box on the fifth line. The seventh line states "Step 4. Total refinance closing cost (appraisal, title search, etc.)," and has an empty box on the right side. The eighth line states "Step 5. Total months needed to recoup your cost," and has an empty box on the right side. The ninth line states "Step 4 result = Step 3 result," followed by an arrow which points up to the empty box on line eighth line. The tenth line states "Step 6. Total months you plan to live in your home," and has an empty box on the right side. The eleventh line states "The Bottom Line- If you plan to live in your home longer than the result in Step 5, it makes sense to refinance." de. In the result (a) What is your currently monthly mortgage (in $)? $ 1,658.50 (b) Using this table, what is your new monthly mortgage payment (in $) if you decide to refinance? (Round your answer to the nearest cent.) $ (c) What is your monthly savings (in $) if you decide to refinance? (Round your answer to the nearest cent.) $ (d) Calculate the total refinance closing cost (in $). (Round your answer to the nearest cent.) $ (e) How many months would you need to recoup the refinance closing cost? (Round your answer up to the nearest month.) months (e) How many months are you planning to live in your home? months (g) If you're planning live in your home for at least four more years, does it make sense to refinance your mortgage? Yes, it makes sense to refinance. No, it does not make sense
