question archive The mortgage on your house is seven years old
The mortgage on your house is seven years old
Subject:FinancePrice: Bought3
The mortgage on your house is seven years old. It required monthly payments of RM1,345, had an original term of 30 years, and had an annual interest rate of 9 percent. In the intervening five years, interest rates have fallen and so you have decided to refinance - that is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an annual interest rate of 5.67 percent. c) What monthly repayments will be required with the new loan?
