Question
The Smiths are refinancing their home mortgage to a 15-year loan at 4.8% annual interest compounded monthly. Their outstanding balance on the loan is $128,000.
The Smiths are refinancing their home mortgage to a 15-year loan at 4.8% annual interest compounded monthly. Their outstanding balance on the loan is $128,000.
(Do not round until the final answer. Then round to the nearest dollar as needed.)
(a) Under their current loan, the Smiths' monthly mortgage payment is $1302. How much will the Smiths be saving in their monthly mortgage payments by refinancing?
(b) How much interest will the Smiths pay over the life of the new loan?
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The Wealthtech Book The FinTech Handbook For Investors Entrepreneurs And Finance Visionaries
Authors: Susanne Chishti, Thomas Puschmann
1st Edition
1119362156, 978-1119362159
