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Mr. Gregory White
Mr. Gregory White, Master's Degree
Category: Pre-Calculus
Satisfied Customers: 153
Experience:  M.A., M.S. Education / Educational Administration
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Fifteen years ago Dan bought a home and financed $150,000

Customer Question

Fifteen years ago Dan bought a home and financed $150,000 with a 30-years mortgage at 8.2%. (a) find his monthly payment, the total amount of his payments, and the total amount of interest he will pay over the life of this loan. (b) Dan made payments for
15 years. Estimate the unpaid balance using the formula and then calculate the total of their remaining payments. y=R*(1-(1+i)^(-n+x))/(i). (c)
Submitted: 1 year ago.
Category: Pre-Calculus
Expert:  Ryan replied 1 year ago.
Hi,
Thank you for using the site. I'll be happy to help you with this problem.
Is there a part "c"? It seems like there might be, but it was cut off.
Thanks,
Ryan
Customer: replied 1 year ago.
yes, thank you
(c) Suppose interest rates have dropped since dan took out his loan . One bank now offers a 30-year mortgage at 6.5%.
If dan pay this fee up front and refinance the balance of their loan, find his monthly payment.
Including the refinancing fee, what is the total amount of his payments? Discuss whether or not dan should refinance
with this option?
A different bank offers the same 6.5% rate but on a 15-year mortgage. Their fee for financing is $4500. If Dan
pay this fee up front and refinance the balance of his loan, find their monthly payment. Including refinancing fee
what is the total amount of his payments? Discuss whether or not dan should refinance
with this option?
Expert:  Ryan replied 1 year ago.
Hi,
Thank you for the additional information.
For the first option in part (c), is there a refinance fee given, like there is for the second option?
Ryan
Customer: replied 1 year ago.
yes, $3400
Expert:  Ryan replied 1 year ago.
Hi,
Ahh, ok. Thanks.
I'll have this posted for you shortly.
Ryan

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