They decided to refinance the remaining loan balance

Reference no: EM131019054

A couple took out a 20-year mortgage for $219,236 at 8.4% compounded monthly. After they have made 10 years of payments (120 payments), they decided to refinance the remaining loan balance for 15 years at 4.8% interest, compounded monthly. What will be the balance on their lpan 5 years after they refinance?

The balance on their loan will be $__

(simplify your answer. Round to the nearest cent as needed).

Reference no: EM131019054

Questions Cloud

Determine the amounts that beldon should capitalize : Determine the amounts that Beldon should capitalize as the cost of the land and the new building.

What is the slope of each line : You've got two lines: y=2x+1 and y=2-x, What is the slope of each line? What is the y-intercept of each line? What is the x-intercept of each line? Where do these lines intersect

Prepare a statement of comprehensive income using : Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000.

Find the values of r1 and r2 : Suppose we need to design a voltage-divider circuit to provide an output voltage vo = 5V from a 15-V source as shown in Figure. The current taken from the 15-V source is to be 200mA. Find the values of R1 and R2.

They decided to refinance the remaining loan balance : A couple took out a 20-year mortgage for $219,236 at 8.4% compounded monthly. After they have made 10 years of payments (120 payments), they decided to refinance the remaining loan balance for 15 years at 4.8% interest, compounded monthly.

Find the maximum value of rg : The metallic case is connected through the ground wire of a three-terminal power outlet to power-system ground. The resistance of the ground wire is Rg. The resistance of the worker s body is Rw = 500 Ω. Due to faulty insulation in the drill, a cur..

How is the prince an example of humanism : What major religious difference between Latin (Catholic and Protestant) Christianity and Eastern Orthodoxy resulted from their very different political contexts after the 400s?

Find the equation of the regression line for the given data : Find the equation of the regression line for the given data. Round the line values to the nearest two decimal places. Show your work.

Draw a suitable circuit consisting of them voltage source : We have a load resistance of 50Ω that we wish to supply with 5V. A 12.6-V voltage source and resistors of any value needed are available. Draw a suitable circuit consisting of them voltage source, the load, and one additional resistor. Specify the..

User Account

All Pages