Business, 29.11.2019 02:31, josephaciaful

Five years ago, diane secured a bank loan of $340,000 to finance the purchase of a loft in the san francisco bay area. the term of the mortgage was 30 years, and the interest rate was 8% per year compounded monthly on the unpaid balance. because the interest rate for a conventional 30-year home mortgage has now dropped to 6% per year compounded monthly, diane is thinking of refinancing her property. (round your answers to the nearest cent.
(a) what is diane's current monthly mortgage payment? $
(b) what is diane's current outstanding balance? $
(c) if diane decides to refinance her property by securing a 30-year home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 6% per year compounded monthly, what will be her monthly mortgage payment? use the rounded outstanding balance. $
(d) how much less would diane's monthly mortgage payment be if she refinances? use the rounded values from parts ()

Answers: 2

Show answers

Other questions on the subject: Business

Business, 21.06.2019 16:00, glowbaby123

Jodi is trying to save money for a down payment on a house. she invests $6,000 into an account paying 5.5% simple interest. for how long must she save if she needs $7,300 for the down payment? a. 2 years b. 3 years c. 4 years d. 5 years

Answers: 1

continue

Business, 21.06.2019 19:00, vpoon6739

If a company’s employees are angry about their work, a visiting auditor may also become agitated, illustrating the power of

Answers: 1

continue

Business, 21.06.2019 19:40, heroicblad

Sean has placed a job ad and is now interviewing potential employees. which of the following questions is he legally allowed to ask during the interview? do you have any disabilities that will require special accommodation? how many children do you have? where did you earn your degree and how has it prepared you for this position? is this your maiden name that you have listed on the job application?

Answers: 2

continue

Business, 22.06.2019 15:20, iselloutt4fun

Kelso electric is debating between a leveraged and an unleveraged capital structure. the all equity capital structure would consist of 40,000 shares of stock. the debt and equity option would consist of 25,000 shares of stock plus $280,000 of debt with an interest rate of 7 percent. what is the break-even level of earnings before interest and taxes between these two options?

Answers: 2

continue

Do you know the correct answer?

Five years ago, diane secured a bank loan of $340,000 to finance the purchase of a loft in the san...