can be replaced by a loan at an interest rate of 6% at a cost of 8% of the outstanding loan amount Should the home owner refinance? What difference would it make if the home owner expects to be in the home for only five more years?

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A couple visits an open house and fall in love with the floor plan and location. They tell the host they would love to buy the house but do not know if they can afford it. In the conversation, the broker learns that they are currently paying $1750 per month for rent. Would the principal and interest payments be within the amount of their current rent if the price is $249,000 with interest rates for a zero down, 30 years mortgage at 5% interest? Note: 30 years of 5% interest is $5.37. A. Only if they have a 20% down payment. B. No, the payment is more than their current rent amount C. There is not enough information to determine an answer D. Yes, the payment is within the range of their current rent amount.

A couple purchased their home for $280,000. They signed a 30 year mortgage at 5.28% interest compounded monthly. What is the monthly payment and the total amount of interest paid on this loan? If the couple puts 20% down towards the purchase of the house listed above, what is the new monthly payment and the total amount of interest paid on this new loan? How much money is saved per month and how much interest is saved?

Kelly and DeAndre Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage payments by $87 a month and incur closing costs of $2,020 as a result of refinancing. How long will it take them to recover the cost of refinancing? How do I round the answer to nearest whole number?   Recovery time = ______ months