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The Dietze family purchased a home and obtained a 30-year loan at 7.3%. They borrowed $110,000. After they made payments for 10 years, the interest rate fell to 6.1%, so they considered refinancing

The Dietze family purchased a home and obtained a 30-year loan at 7.3%. They borrowed $110,000. After they made payments for 10 years, the interest rate fell to 6.1%, so they considered refinancing the balance of the loan for the remaining 20 years. (Round your answers to the nearest cent.)

(a) Find the balance remaining.

$ (b) Find the monthly payments if the balance is refinanced at 6.1%. $

(c) How much will total payments over the 20 years be reduced if the loan is refinanced?

 

Aug 12 2021 View more View Less

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