Five years ago, you acquired a 30-year loan of $130,950, charging 6.7% annual interest, compounded...
90.2K
Verified Solution
Link Copied!
Question
Algebra
Five years ago, you acquired a 30-year loan of $130,950, charging 6.7% annual interest, compounded monthly, and requiring monthlypayments. At this time, interest rates on 15-year loans have dropped to 2.2% APR, compounded monthly, and you wish to refinancewhat you still owe with a new loan at this new rate.(a) How much (in dollars) will you be refinancing? Round your answer to the nearest dollar.$(b) How much (in dollars) will your new monthly payment be after refinancing? Round your answer to the nearest cent.$
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
