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Jim and Susie take out a mortage for $110,000 at 9.5% for 30 years. What are their...

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Finance

Jim and Susie take out a mortage for $110,000 at 9.5% for 30years.
What are their monthly payments?
$  

After 3 years, they decide to refinance. How much do they stillowe?
$  

They refinance with a 9% 15 year loan. What are their new monthlypayments?
$  

How much will they save by refinancing?
$

Answer & Explanation Solved by verified expert
3.8 Ratings (508 Votes)
Jim and Susie take out a mortage for 110000 at 95 for 30 years What are their monthly payments Monthly payment PMT on loan can be calculated with the help of PV of an Annuity formula PV PMT 11i ni Where Present value PV 110000 PMT Monthly payment n N number of payments 12 30 years 360 payments i IY interest    See Answer
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Transcribed Image Text

Jim and Susie take out a mortage for $110,000 at 9.5% for 30years.What are their monthly payments?$  After 3 years, they decide to refinance. How much do they stillowe?$  They refinance with a 9% 15 year loan. What are their new monthlypayments?$  How much will they save by refinancing?$

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