keymarie0121 keymarie0121
  • 25-04-2024
  • Mathematics
Answered

Suppose you took out a 20-year mortgage for $120,000, at an annual rate of 5%. After 5 years, the 20-year mortgage rate
dropped to 2%, and you decided to refinance at this low interest rate. (a) How much remains to be refinanced on the
second mortgage? (b) How much will your new monthly payment be? (c) How much do you save (gain) by refinancing?
(Write the answer upto 2 decimal places.)



Answer :

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