The Globerman family purchased a $580,000 home 5 years ago. The mortgage was based on...
70.2K
Verified Solution
Link Copied!
Question
Accounting
The Globerman family purchased a $580,000 home 5 years ago. The mortgage was based on 25-year amortization and the term of the mortgage was for 5 years at 7.5% interest compounded monthly. At the start of year 6, the Globerman family have refinanced their mortgage at 7.3% compounded monthly, and have decided to increase their payments by 5% of the original payment amount. Determine how much faster the family will be able to pay off the mortgage by increasing payments and lowered interest rates.
options:
1)15.51 months faster
2)30.59 months faster
3)24.51 months faster
4)18.81 months faster
5)21.61 months faster
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.