Business, 02.03.2020 22:59 robertjoy19

You purchased a house five years ago and borrowed $300,000 from a bank to buy the house. The loan you used has 300 more monthly payments of $1,610 each, starting next month, to pay off the loan. You can take out a new loan for $270,000 and pay off the original loan. The new loan has an interest rate of 4% APR compounded monthly , with 300 more payments, starting next month to pay off this new loan. If your investments earn 3% APR compounded monthly , how much will you save in present value terms by using the new loan to pay-off the original loan

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You purchased a house five years ago and borrowed $300,000 from a bank to buy the house. The loan yo...

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