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(52784)   (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
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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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