Compute outstanding balance on the loan

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Reference no: EM13116076

Given the recent drop in mortgage interest rates, you have decided to refinance your home. Exactly five years ago, you obtained a $100,000 30-year mortgage with a fixed rate of 10% APR. Today, you can get a 30-year loan for the currently outstanding loan balance at 8% interest. This loan, however, requires you to pay a $250 appraisal fee and 3 points at the time of the refinancing (1 point equals 1% of the amount borrowed). Ignore tax considerations.

What is the outstanding balance on the loan today, if you just made the 60th payment?

Reference no: EM13116076

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Compute outstanding balance on the loan : Given the recent drop in mortgage interest rates, you have decided to refinance your home. Exactly five years ago, you obtained a $100,000 30-year mortgage with a fixed rate of 10% APR. What is the outstanding balance on the loan today, if you just..

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