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The Smiths are refinancing their home mortgage to a 1 5 - year loan at 3 . 6 % annual interest compounded monthly. Their outstanding

The Smiths are refinancing their home mortgage to a

15 -

year loan at

3.6 %

annual interest compounded monthly. Their outstanding balance on the loan is $

160, 000 .

(

)

Under their current loan, the Smiths' monthly mortgage payment is $

1515 .

How much will the Smiths be saving their monthly mortgage payments by refinancing?

(

)

How much interest will the Smiths pay over the life of the new loan?

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