You have decided to refinance your mortgage. You plan to borrow whatever is outs

Question

You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $3,120 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactiy four years and e gnt months old You have just made your monthly payment. The mortgage interest ate is 5 250% APR Ho much do you owe on the mortgage today? Note e care or to our any inte ediate ste s less than six deci nal places) The amount you owe today is $Round to the noarest dollar)

Explanation / Answer

Computation of Present Value of Future Payments

Present Value = Monthly Payments * PVAF (0.4375%, 304)

Present Value = 3120 * 167.943862

Present Value = $523985

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