Related questions with answers
The Groat family has a fixed-rate mortgage with monthly payments of $682.40. They can refinance their current mortgage with a new loan at a lower interest rate and longer term. The monthly payments on the new loan will be$519 .18. To get the new mortgage loan, they had to pay a prepayment penalty of $680 and closing costs of$1,050. How much will they save in the first year by refinancing?
In this exercise, we are to calculate the installment price of a sewing machine if it can be bought for cash or be payed a downpayment of and 12 monthly payments of . Then, we calculate by what percentage is the installment price greater than the cash price.
What calculations and values are needed so that we can find the installment price?
Recommended textbook solutions
More related questions