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You purchase a house that costs 800000TL. For this you take out a loan from a...

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Advance Math

You purchase a house that costs 800000TL. For this you take outa loan from a bank for 25 years at 8.8% interest. You will pay yourdebt by making equal monthly payments. After 15 years the interestrates have dropped. Another bank offers you 7.5% interest. Youdecide to take out a second loan for the next 10 years, which willbe paid monthly to this new bank and you pay off your total debt tothe first bank.

  • How much were your monthly payments for the first 15 years?

  • How much interest is paid between years 12 and 15?

  • How much are your new monthly payments for the remaining 10years?

  • How much money is saved in 25 years by doing thisrefinancing?

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