Kimberly purchased the house ten years ago for $375,000. She made the 15% down payment and amortized remaining amount at 6.1% interest compounded monthly for 30 years.
i. How much is monthly mortgage payments?
ii. How much would end up paying for house after thirty year loan is complete?
iii. Find approximate remaining balance right now, after making ten years of payments? ( B = R [ (1-(1+i)^-(n-x)) / i ])
iv. Suppose she makes decision to refinance house right now. To do this loan company charges $4,000 in fees (that is added to amount of loan from part c above). If she amortizes remaining balance (including fee) at 3.2% interest compounded monthly for fifteen years, find the monthly payment?
v. If she continues the loan for fifteen years and at last pays it off, how much she end up paying for house?
vi. How much money (if any) she saved by refinancing?