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Question: HOME REFINANCING Five years ago, Diane secured a bank loan of $300,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 yr, and the interest rate was 9%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 30-yr home mortgage has now dropped to 7%/year compounded monthly, Diane is thinking of refinancing her property.
a. What is Diane's current monthly mortgage payment?
b. What is Diane's current outstanding principal?
c. If Diane decides to refinance her property by securing a 30-yr home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 7%/year compounded monthly, what will be her monthly mortgage payment?
d. How much less would Diane's monthly mortgage payment be if she refinances?
Supppose a baseball is thrown at 85 miles per hour.The ball will travel 320 ft when hit by a bat swung at 50 miles per hour and will travel 440 ft when hit by a bat swung at 80 miles per hour.
What must Rover's Friends charge as a price for a dog washing service to break even?
353 people attend a local play at a private club. members get tickets for $2.75 while non-membrs have to pay $6.50 if the total gate for the play came to $1762.00 how many members and non-members came to the play.
The following recurrence equation gives the expected number of comparisons for Quicksort, given that the "pivot element" is selected uniformly at random from the list
Jason and Debbie leave city A at 2:00 P.M. and drive at a constant speed, traveling west on I-90. They pass city B, 70 mi from city A, at 2:50 P.M.
Sketch both graphs. Find and label the intersection points. Find the area between the graphs using integration. Give the full integral, including limits, in proper notation.
The mass of Uranus is about 8.7 x 10^22 metric tons. The mass of the sun is about 1.998 x 10^27 metric tons. About how many times the mass of Uranus is the mass of the sub? Give you answer in scientific notation.
Jupiter subtends an angle of 1.67 x10-4 rad when viewed by the unaided eye and 3.21 x 10-2 rad when viewed through an astronomical telescope that has a 0.031m focal length eyepiece. Determine the focal length of the telescope's objective lens.
(a) Find the reference number t for the value of t. (b) Find the terminal point determined by t.
Norman window has the shape of a semicircle atop a rectangle so that the diameter of the semicircle is equal to the width of the rectangle. What is the area of the largest possible Norman window with a perimeter of 39 feet?
If the total number of fax machines demanded per month does not exceed 3100 and the company has earmarked not more than $374,000/month for manufacturing costs, how many units of each model should National make each month in order to maximize its m..
The following formula can be used to estimate the speed, r, in miles per hour, of a car that has left a skid mark of length, L, in feet: 1. What is the estimated speed of a car that left a skid mark of 110 feet? Round your answer to the nearest mph.
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