Calculate the difference in payments of home mortgage loan, Mathematics

Assignment Help:

You have just renegotiated the interest rate of your home mortgage loan. (This is called rate modification.)  The original loan of $400,000 carries an interest rate is 6% has an original maturity of 15 years and requires monthly payments (end of month).  There are 80 months remaining to repay the loan.  The new mortgage has a lower rate of 4% and will still have 80 months left to maturity.  First estimate the monthly savings if you switch to the new lower interest rate and then the difference between the new and old monthly payments. 

            ANSWER: Difference in payments ________________


Related Discussions:- Calculate the difference in payments of home mortgage loan

Marginal probability, Marginal Probability Probability of event A happe...

Marginal Probability Probability of event A happening, denoted by P(A), is called single probability, marginal or unconditional probability. Marginal or Uncondi

Factors, write down all the factors of 36

write down all the factors of 36

Equations and Inequalities, Write an algebraic expression for “Julie runs t...

Write an algebraic expression for “Julie runs three miles less than twice the number of miles,

Construction, draw a equilateral triangle with length of side 6.5 cm. and l...

draw a equilateral triangle with length of side 6.5 cm. and let us draw a parallelogram equal in area to that triangle and having an angle 45 degree

Equivalent fractions, what is 6/36 as two equivalent fractions 2/12 as tw...

what is 6/36 as two equivalent fractions 2/12 as two equivalent fractions 4/28 3/21 2/11 4/13=8/x 12/30=n/90 q/54=2/9 3/7 14/h=7/20

Differentiate hyperbolic functions, Differentiate following functions. (...

Differentiate following functions. (a)  f ( x ) = 2 x 5 cosh x (b) h (t ) = sinh t / t + 1 Solution (a) f ′ ( x ) = 10x 4 cosh x + 2x 5 sinh x (b) h′ (t ) = (t

Example of graphical technique of linear equations, Explain the Graphical T...

Explain the Graphical Technique of Linear Equations by using this figure.

If an item costs $1.45 to what amount will louise round, Louise is estimati...

Louise is estimating the cost of the groceries in her cart. She rounds the cost of every item to the nearest dollar to form her calculations. If an item costs $1.45, to what amount

Alcohol solution (mixture), Nora works at a laboratory as a chemist . she w...

Nora works at a laboratory as a chemist . she was told to prepare 100L of 25% alcohol solution. she has on hand of a 15% percent alcohol solution and a 40% alcohol solution which s

Equilibrium solutions, In the earlier section we modeled a population depen...

In the earlier section we modeled a population depends on the assumption that the growth rate would be a constant. Though, in reality it doesn't make much sense. Obviously a popula

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd