In order to buy a vacation home, Neal and Lilly took out a 30-year mortgage for
ID: 3146368 • Letter: I
Question
In order to buy a vacation home, Neal and Lilly took out a 30-year mortgage for $250,000 at an annual interest rate of 12% After 10 years they refinanced the unpaid balance of on the original loan; the monthly payments on the new loan, and the total amount saved on interest by refinancing $233322 at an annual rate of 6% Use the table to find the mo they payments Click the icon to view a table of monthly payments on a S 1,000 loan The monthly payments on the original loan are (Type an integer or a decimal)Explanation / Answer
the monthly payment for a 30 year loan at annual interest 12%
the factor to be be multiplied is 10.29 from the table
$250,000/1000=250
monthly payment is 250*10.29=$2572.5
monthly payment on original loan is $2572.5
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