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How much will mortgage payments increase

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William Bunting has credit card debt of 10,500. He is considering increasing his home mortgage loan to pay it off. The credit card interest rate is 12.5% and home mortgage interest rates is 4.1%. Both loan types are computed on monthly stops. He is intending to increase his home mortgage payments so as to amortise the credit card debt over five years.

Question a) How much would his monthly repayments to the credit card company be if he intended to pay out the debt over five years?

Question b) By how much will his mortgage payments increase if he adopts this plan to deal with his credit card debt?

Question c) How much would he save by transferring his credit card debt to his mortgage?

Reference no: EM132467697

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