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How much did you borrow from the bank

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Reference no: EM132421908

Problem: You took a 30 year mortgage with monthly payments of $1200. The loan rate is 11% (APR) compounded monthly.

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Question 1: How much did you borrow from the bank?

Question 2: You have 25 years left on the mortgage, what is your outstanding balance?

Question 3: Interest rates have gone down to 6% (APR compounded monthly) and you wish to refinance. Assume you wish to continue payments for the next 25 years, what is the new monthly payment?

Question 4: Bank imposes a penalty on closing loans early. What is the maximum penalty the bank can impose such that refinancing will be worthwhile?

Reference no: EM132421908

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