Five years ago, you acquired a 30-year loan of $130,550, charging 6.5% annual interest, compounded monthly, and requirin

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Five years ago, you acquired a 30-year loan of $130,550, charging 6.5% annual interest, compounded monthly, and requirin

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Five Years Ago You Acquired A 30 Year Loan Of 130 550 Charging 6 5 Annual Interest Compounded Monthly And Requirin 1
Five Years Ago You Acquired A 30 Year Loan Of 130 550 Charging 6 5 Annual Interest Compounded Monthly And Requirin 1 (12.92 KiB) Viewed 32 times
Five years ago, you acquired a 30-year loan of $130,550, charging 6.5% annual interest, compounded monthly, and requiring monthly payments. At this time, interest rates on 15-year loans have dropped to 2.2% APR, compounded monthly, and you wish to refinance what you still owe with a new loan at this new rate. (a) How much (in dollars) will you be refinancing? Round your answer to the nearest dollar. $ (b) How much (in dollars) will your new monthly payment be after refinancing? Round your answer to the nearest cent. $
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