Calculate the difference in payments of home mortgage loan, Mathematics

Assignment Help:

You have just renegotiated the interest rate of your home mortgage loan. (This is called rate modification.)  The original loan of $400,000 carries an interest rate is 6% has an original maturity of 15 years and requires monthly payments (end of month).  There are 80 months remaining to repay the loan.  The new mortgage has a lower rate of 4% and will still have 80 months left to maturity.  First estimate the monthly savings if you switch to the new lower interest rate and then the difference between the new and old monthly payments. 

            ANSWER: Difference in payments ________________


Related Discussions:- Calculate the difference in payments of home mortgage loan

Geometry, A closed conical vessel of radius 36 cm and height 60 cm, has som...

A closed conical vessel of radius 36 cm and height 60 cm, has some water. When vertex is down then the height of water is 12 cm. What is the height of water when vertex is up?

Analytical geometry, convert the equation 4x^2+4y^2-4x-12y+1=0 to standard ...

convert the equation 4x^2+4y^2-4x-12y+1=0 to standard form and determine the center and radius of the circle. sketch the graph.

Introducing counting, INTRODUCING COUNTING : From what you studied previou...

INTRODUCING COUNTING : From what you studied previous study, you know what it means to count. You would also agree that rote learning of number names does not always mean that the

Calculate the equation, Problem1: Find the general solution on -π/2 Dy/...

Problem1: Find the general solution on -π/2 Dy/dx +(tan x)y =(sin 2 x)y 4

Probability, the probability that an account officer will pass her exam is ...

the probability that an account officer will pass her exam is 5/9. if she pass,the probability that she will be promoted is 3/4. she is not promoted if she fails her professional e

Solutions to systems, Now that we've found some of the fundamentals out of ...

Now that we've found some of the fundamentals out of the way for systems of differential equations it's time to start thinking about how to solve a system of differential equations

Allied mathematics, The tenth term in the binomial expansion of (1-1/4)(1-1...

The tenth term in the binomial expansion of (1-1/4)(1-1/5)(1-1/6)...(1-1/n+3) is equal to

form a pythagorean triple, A Pythagorean triple is a set of positive integ...

A Pythagorean triple is a set of positive integers (a,b,c) like  a2 + b2 = c2.  Write a function "ispythag" that will receive 3 positive integers (a, b, c in that order) and will r

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd