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

Finding the area of a triangle, Q. Finding the Area of a Triangle? Ther...

Q. Finding the Area of a Triangle? There are three commonly used methods to find the area of a triangle. The method you use to find the area depends on the information you kno

Logarithmic functions, If x = b y where both b > 0, x > 0, then we d...

If x = b y where both b > 0, x > 0, then we define y = log b x, which is read as "y is the log to the base b of x". This means that, log b x or y is the number to

Time series models, Time Series Models Additive Model Time seri...

Time Series Models Additive Model Time series value = T +S +C +R Whereas S, C and R are expressed in absolute value Additive Model model is best suited where the

Word problem, A jet flew at an average speed of 480mph from Point X to Poin...

A jet flew at an average speed of 480mph from Point X to Point Y. Because of head winds, the jet averaged only 440mph on the return trip, and the return trip took 25 minutes longer

Correlation coefficient, Correlation coefficient - These are numerical...

Correlation coefficient - These are numerical measures of the correlations existing between the independent and the dependent variables - These are better measures of corre

Given a differential equation will a solution exist?, All differential equa...

All differential equations will doesn't have solutions thus it's useful to identify ahead of time if there is a solution or not. Why waste our time trying to get something that doe

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