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Jim and Susie take out a mortage for $110,000 at 9.5% for 30 years. What are their...

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Finance

Jim and Susie take out a mortage for $110,000 at 9.5% for 30years.

What are their monthly payments? $

After 3 years, they decide to refinance. How much do they stillowe? $

They refinance with a 9% 15 year loan. What are their newmonthly payments? $

How much will they save by refinancing? $

Answer & Explanation Solved by verified expert
3.6 Ratings (326 Votes)
Information providedMortgage 110000Time 30 years12 360 monthsInterest rate 95012 07917 per monthPV 110000N 360IY 07917Press the    See Answer
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Transcribed Image Text

Jim and Susie take out a mortage for $110,000 at 9.5% for 30years.What are their monthly payments? $After 3 years, they decide to refinance. How much do they stillowe? $They refinance with a 9% 15 year loan. What are their newmonthly payments? $How much will they save by refinancing? $

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