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

50.1K

Verified Solution

Question

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 new monthlypayments?
$

How much will they save by refinancing?
$

Answer & Explanation Solved by verified expert

3.8 Ratings (508 Votes)

Jim and Susie take out a mortage for 110000 at 95 for 30 years What are their monthly payments Monthly payment PMT on loan can be calculated with the help of PV of an Annuity formula PV PMT 11i ni Where Present value PV 110000 PMT Monthly payment n N number of payments 12 30 years 360 payments i IY interest See Answer

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: Flex AI - Your personal assistant for all your inquiries!

Become a Member

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 new monthlypayments?$ How much will they save by refinancing?$