Saving in their monthly mortgage payments by? refinancing

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Reference no: EM131048527

The Smiths are refinancing their home mortgage to a15?-year loan at 6.9 % annual interest compounded monthly. Their outstanding balance on the loan is $137,000.

?(a) Under their current? loan, the? Smiths' monthly mortgage payment is $1497.

How much will the Smiths be saving in their monthly mortgage payments by? refinancing?

?(b) How much interest will the Smiths pay over the life of the new? loan?

Reference no: EM131048527

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