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What are the monthly payments after refinancing

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Reference no: EM131917018

1. Consider a 20-year mortgage for $121860 at an annual interest rate of 4%. After 6 years, the mortgage is refinanced to an annual interest rate of 2.6%. What are the monthly payments after refinancing?

2. Find the monthly payments (just PMT) on a 20-year mortgage for $134929 if the annual interest rate is 4.2%.

3. Consider a 30-year mortgage for $288611 at an annual interest rate of 5.5%. After 13 years, the mortgage is refinanced to an annual interest rate of 3.8%. How much interest is paid on this mortgage?

Reference no: EM131917018

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