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
Compute the risk premium for the stock of Omega Tools if the risk free rate is 6%, the expected market return is 12%, and Omega's stock has a beta of .8.    Ome

Venture Capital Venture capital is a form of investment in new small risky enterprises utilized to get them started via specialists called venture capitalists. Venture capital

Percentage of Sales Method A) Express the various balance sheet items varying along with sales as percentage of sales as assume for year 2002 stock and net fixed assets amoun

Question   Clifton-Peters Ltd is a manufacturer of household goods located in Melbourne. They presently make and wholesale fruit juicers, blenders and baking equipment. The Gen

Asset Based Valuation - Example K and K Company Limited is planning to absorb three other companies so as to realize its sales records of Sh.500, 000 per annum.  Its accountan

Basic EOQ Model The basic inventory decision model is Economic Order Quantity or called EOQ model. This model is specified via the following equation as: Whereas:Q is

Ask quQUESTION 1 1. In the ratio test used to determine whether a qualified plan is nondiscriminatory, what is the minimum percentage of nonhighly compensated employees who must be

Reasons for Different Interest Rate Interest rates may differ in different market and market segment since: i) Size of the loan: Deposits above specific amounts into the

Central Bank - Banking Institutions This is a bank which is entrusted along with the responsibility of keeping economic stability and financial soundness of a country.  Theref

Below is information provided for two companies, A and B.  Assuming a risk-free rate of 2.5%, an effective tax rate of 40%, and a market risk premium of 5.5%, estimate th