Sinking Funds and Amortization: purchased a $149,721 home 10 yrs ago, paying 15% down

[Kurokaze]

I have a math problem that needs to be solved, if you can give me the correct answer you WILL be guaranteed 5 stars. In fact, you do not even need to show work, just please help! Here is the problem:

A person purchased a $149,721 home 10 years ago by paying 15 percent down and signing a 30 year mortgage at 8.4 percent compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year mortgage at 5.4 percent compounded monthly. How much interest will refinancing save?

Money Saved? (Round to the nearest cent as needed.)

 

[Deleted member 4993]

I have a math problem that needs to be solved, if you can give me the correct answer you WILL be guaranteed 5 stars. In fact, you do not even need to show work, just please help! Here is the problem:

A person purchased a $149,721 home 10 years ago by paying 15 percent down and signing a 30 year mortgage at 8.4 percent compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year mortgage at 5.4 percent compounded monthly. How much interest will refinancing save?

Money Saved? (Round to the nearest cent as needed.)

What are your thoughts?

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