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How much did save by financing at a lower interest rate

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Reference no: EM132641252

You just bought a home for $500,000 and have decided on a 30 year loan term.

Question a) The current interest rate is 5.0 %. What is your monthly payment?

Question b) Before you apply for your loan, the interest rate drops to 4.6 %. Now what is your monthly payment?

Question c) Over the life of this loan (30 years), how much did you save by financing at a lower interest rate of 4.6%?

Reference no: EM132641252

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