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 $86,848 left to pay on your loan. Your house is now valued at $170,000.

Question 9. Points: 0 out of 3 possible 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? Preview Question 10. Points: 0 out of 2 possible. How much interest will you pay over the life of the new loan? Preview Question 11. Points: 0 out of 1 possible. Analyzing the refinance Notice that f uance, you are going to be making payments on your home for another 30 years. In addition to the 10 years you've already been paying, thats 40 years total. How much will you save each month because of the lower monthly payment? Preview Question 12. Points: 0 out of 1 Possible. How much total interest will you be paying (consider the interest you paid over the first 10 years of your original loan as well as interest on your refinanced loan) Preview