Ten years ago the Jacksons bought a house, taking out a 30 year mortgage for...
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Accounting
Ten years ago the Jacksons bought a house, taking out a 30 year mortgage for $260,000 at 6.5%. This year (exactly 10 years later) they refinanced the house, taking out a new 30 year mortgage for the remaining balance at 3.75%.
- What was the monthly payment on the original 6.5% mortgage?
- What was the remaining balance after 10 years (the amount they then refinanced)?
- How much interest did they pay during those first 10 years?
- What is the monthly payment on the refinance 3.75% mortgage?
- How much interest will they pay over the 30 year term of the refinance?
- How much total interest will they pay over the full 40 years the Jacksons have a loan for the house?
Make sure your work shows how you are solving the problems, but feel free to use your calculator extensively - you don't need to show detailed steps of the formula evaluation.
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