When a couple bought ther home, they had a 5.7% loan with monthly payments of $870.60 for 30 years. After making 78 monthly payments, they plan to refinance for an amount that includes an additional...


When a couple bought ther home, they had a 5.7% loan with monthly payments of $870.60 for 30 years. After making 78 monthly payments, they plan to refinance for an amount that includes an additional $35,000 for kitchen remodeling. They can refinance at 4.8%, compounded monthly for 25 years. There is a onetime refinancing charge of $625 included with the amount refinanced.


A. Find the amount they refinanced


B. Find their new monthly payment


C. How long will it take to pay off this new loan if they pay $1200 each month?



Jun 04, 2022
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