SOLUTION: You've bought a house for $191,900, and obtained a 30-year mortgage at an annual interest rate of 5.2%. What will your monthly payment be? I got $1053.74 After 10 years, you st

Question 1202755: You've bought a house for $191,900, and obtained a 30-year mortgage at an annual interest rate of 5.2%. What will your monthly payment be?
I got $1053.74
After 10 years, you still owe $128,573. You decide to refinance by taking out a new 20 year mortgage at 4.7%. What will your new monthly payment be?
i got $827.36
How much will you save in interest over the 20 years?
I got $54331.20
i don't know how to separate these without sounding like I have an incomplete problem?
Answer by ikleyn(52786) (Show Source): You can put this solution on YOUR website!
.

(a)  You've bought a house for $191,900, and obtained a 30-year mortgage at an annual interest rate of 5.2%. 
What will your monthly payment be?
I got $1053.74       <<<---===  correct


(b)  After 10 years, you still owe $128,573. You decide to refinance by taking out a new 20 year mortgage at 4.7%. 
What will your new monthly payment be?
i got $827.36       <<<---===  correct


(c)  How much will you save in interest over the 20 years?
I got $54331.20       <<<---===  correct

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

All your numbers are correct.

For checking purposes, you can use this online free of charge calculator

https://www.calculator.net/loan-calculator.html

Happy calculations ( ! )

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