Saturday
April 19, 2014

Homework Help: Finance

Posted by Anonymous on Thursday, October 24, 2013 at 12:32am.

(15 points) You have been living in the house you bought 10 years ago for $300,000. At that time, you took out a loan for 80% of the house at a fixed rate 15-year loan at an annual stated rate of 9%. You have just paid off the 120th monthly payment. Interest rates have meanwhile dropped steadily to 6% per year, and you think it is finally time to refinance the remaining balance. But there is a catch. The fee to refinance your loan is $4,000. Should you refinance the remaining balance? How much would you save/lose if you decided to refinance?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

finance - You have been living in the house you bought 10 years ago for $300,000...
Economics - I have to do a housing project for economincs class. I have to pick ...
accountancy - You have been living in the house you bought 10 years ago for $500...
science - what are living things that surround your house (15 maximum)
finance - You have purchased a house and have obtained a 30-year, $ 200,000 ...
math - In a particular house,the bedrooms take up 1/3 of the total floor area, ...
algebra - In a particular house,the bedrooms take up 1/3 of the total floor area...
statistics - it has been reported that 40% of all internet users have been ...
math - Ever wonder how much a house “actually” costs? Consider Alex and Sabrina ...
history - Which of the following accurately characterizes a difference in the ...

Search
Members