Math Refinancing Question

A person purchased a $205,107 home 10 years ago by paying 10% down and signing a 30-year mortgage at 8.1% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year mortgage at 4.5% compounded monthly. How much interest will refinancing save

  1. 👍 0
  2. 👎 0
  3. 👁 113
asked by Maxie

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math 208 (Linear)

    a person purchased a $142,819 home 10 years ago by paying 15% down and signing a 30-year mortgage at 10.5% compounded monthly. Interest rates have dropped and the owner wants to refinance the upaid balance by signing a new 15-year

    asked by James on October 12, 2015
  2. math

    A person purchased a $204,815 home 10 years ago by paying 10% down and signing a 30-year mortgage at 10.2% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new

    asked by Ciara on October 4, 2014
  3. math

    A person purchased a $250000 home 5 years ago. he paid 20% down and signed a 30-year mortgage at 6% compounded monthly. what is the unpaid balance of the loan (now that 5 years are gone). i need answer with explanation

    asked by yassamin on March 14, 2013
  4. MATH (REFINANCE MORTGAGE)

    A person purchased a 225463 home 10 years ago by paying 10% down and sighning a 30 year mortgage at 8.7% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20 year

    asked by Jugrnot on January 30, 2012
  5. REFINANCE MATH PROBLEM

    I screwed up the first post with this question so re posting to find some help. A person purchased a 225463 home 10 years ago by paying 10% down and sighning a 30 year mortgage at 8.7% compounded monthly. Interest rates have

    asked by Phil Rewa on January 30, 2012
  6. Business Math

    A couple purchased a home 5 years ago with a 20-year mortgage for $50,000 at an interest rate of 6% compounded monthly. The home is now valued at $90,000. A) How much are the couple's monthly payments? B)What is their balance

    asked by pypski on November 27, 2016
  7. Biology

    PLEASE HELP!!!! 1. How many millions of years ago did sharks first appear? (Make sure you are looking for animals that only have cartilage skeletons). 2. How many millions of years ago did bony fish (like the perch) first appear?

    asked by Kim on April 14, 2013
  8. Apex personal finance

    Mack opened a CD 10 years ago at an interest rate of 7.8% compounded monthly. According to the rule of 72, when did she have half as much money as she does now? A. About 9.2 years ago B. About 4.6 years ago C. About 3.9 years ago

    asked by Mason on November 28, 2016
  9. Math

    The home that you purchased in 2004 steadily increased in value for the first four years at the annual rate of 5.3%. Then, the home steadily decreased in value for the next three years at the annual rate of 3.4%. If you originally

    asked by Abby on February 17, 2012
  10. History

    How long ago did the first human culture, involving villages and a sense of history, develop? A. about 1 billion years ago B. a few million years ago C. 100,000 to 200,000 years ago D. about 10,000 years ago E. about 1,000 years

    asked by MC on February 13, 2009

More Similar Questions