SOLUTION: you buy a house for $160,000. you pay 10% down and finance the rest paying 8% interest on the remaining balance for 30 years. 10 years later you refinance the balance left at 6% fo

Question 326664: you buy a house for $160,000. you pay 10% down and finance the rest paying 8% interest on the remaining balance for 30 years. 10 years later you refinance the balance left at 6% for 30 years. since you are paying for a new 30 year loan in addition to the 10 years you have already paid, how much are you saving monthly to take advantage of the lower interest rate?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
savings per mo
1056.62-757.37=$299.25
RELATED QUESTIONS
you buy a house for $160,000. you pay 10% down and finance the rest paying 8% interest on (answered by rfer)

you have bought a $160,000. house, put 10% down and financed the rest at 8% for 30 years. (answered by rfer)

you bought a house for $160,000. paying 10% down and financing the rest at 8% interest... (answered by rfer)

You want to buy a $238,000 home. You plan to pay 5% as a down payment, and take out a 30... (answered by math_tutor2020)

You want to buy a $35,000 car. You can make a 10% down payment, and will finance the... (answered by Theo,math_tutor2020)

You want to buy a $25,000 car. You can make a 10% down payment, and will finance the... (answered by Boreal)

This year (10 years after you first took out the loan), you check your loan balance. Only (answered by Alan3354)

Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment,... (answered by ikleyn,math_tutor2020)

Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment,... (answered by Theo)