Find the amount refinanced

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Reference no: EM131898950

When Gustavo and Serrana bought their home, they had a 5.3% loan with monthly payments of $870.60 for 30 years. After making 78 monthly payments, they plan to refinance for an amount that includes an additional $35,000 to remodel their kitchen. They can refinance at 4.2% compounded monthly for 25 years with refinancing costs of $625 included with the amount refinanced.

(a) Find the amount refinanced. (Round your answer to the nearest cent.) $

(b) Find their new monthly payment. (Round your answer to the nearest cent.) $

(c) How long will it take to pay off this new loan if they pay $1200 each month? (Round your answer up to the next whole number.) Payments

Reference no: EM131898950

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