You are considering refinancing your home’s 30 year mortgage at a lower interest rate. Your original loan amount was $85,000 and your current monthly payment is $683.93. Assuming you wish to continue paying the same monthly amount on a new 30 year mortgage, how much cash can you pull out from refinancing the current loan balance at 6% now that you have been in the home for five years?

You are considering refinancing your home’s 30 year mortgage at a lower interest rate. Your original loan amount was $85,000 and your current monthly payment is $683.93. Assuming you wish to continue paying the same monthly amount on a new 30 year mortgage, how much cash can you pull out from refinancing the current loan balance at 6% now that you have been in the home for five years?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 8FPE

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