Joni and Trymaine take out a 30 year mortgage for $136,000 at the APR of 10.1%, compounded monthly. (a) What will there monthly payments be? (Round balance to the nearest cent.) $ (b) After they had made 12 years of the payments (144 payments) they decide to refinance the remaining loan balance. What is the balance remaining on the original loan of $136,000? (Round balance to the nearest cent.) $ (c) Joni and Trymaine will now refinance the remaining balance for 20 years at the APR of 5.7%, compounded monthly. What will be their new monthly payment amount? (Round balance to the nearest cent.) $ CIVIL ILI

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Joni and Trymaine take out a 30 year mortgage for $136,000 at the APR of 10.1%, compounded monthly.
(a) What will there monthly payments be?
(Round balance to the nearest cent.)
(b) After they had made 12 years of the payments (144 payments) they decide to refinance the remaining
loan balance. What is the balance remaining on the original loan of $136,000?
(Round balance to the nearest cent.)
(c) Joni and Trymaine will now refinance the remaining balance for 20 years at the APR of 5.7%,
compounded monthly. What will be their new monthly payment amount?
(Round balance to the nearest cent.)
LA
(d) What will be the balance on their new loan 7 years after the refinance?
(Round balance to the nearest cent.)
Transcribed Image Text:Joni and Trymaine take out a 30 year mortgage for $136,000 at the APR of 10.1%, compounded monthly. (a) What will there monthly payments be? (Round balance to the nearest cent.) (b) After they had made 12 years of the payments (144 payments) they decide to refinance the remaining loan balance. What is the balance remaining on the original loan of $136,000? (Round balance to the nearest cent.) (c) Joni and Trymaine will now refinance the remaining balance for 20 years at the APR of 5.7%, compounded monthly. What will be their new monthly payment amount? (Round balance to the nearest cent.) LA (d) What will be the balance on their new loan 7 years after the refinance? (Round balance to the nearest cent.)
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