Calculate the monthly payment - annual percentage rate, Finance Basics

You have just taken out a $220,000 loan for your house at an APR of 7.5% and a 30-year term. Payments are to be made monthly. Two years from now, you refinance at an APR of 5.5% and a 28-year term. What are your monthly payments for the new, 5.5% loan (to the nearest penny)? (Hint: The principle for the new loan is the payoff of the original loan.)

 

Posted Date: 3/6/2013 1:46:41 AM | Location : United States







Related Discussions:- Calculate the monthly payment - annual percentage rate, Assignment Help, Ask Question on Calculate the monthly payment - annual percentage rate, Get Answer, Expert's Help, Calculate the monthly payment - annual percentage rate Discussions

Write discussion on Calculate the monthly payment - annual percentage rate
Your posts are moderated
Related Questions
Hull-White model As an extension of the Vasicek model, Hull-White model (1990) assumed that the short interest rate process follows the mean-reverting stochastic differential e

I need to understand a practice question for exam, but I only have a partial solution. I need a more detailed solution, so can understand how to arrive at the answer. The problem

Compute the Payback Period - Example Cedes restriction has the following details of two (2) of the future production plans. Just one of these machines will be purchased and su


Agency Relationship between Auditors and Shareholders Shareholders appoint auditors as per the provisions of Section 159(1)-(6) of the Companies Act. The auditors are believed

Determinants of Working Capital Needs There are few factors that determine the firm's working capital needs. These factors are comprehensively enclosed with a Textbook of Busi


hello

A+/A1 It is one of the top ratings that a ratings agency allots to an issuer or insurer. This rating indicates that the security or carrier has steady financial backing and ple

Pick a product of your choice and identify the stages of production