Suppose a homeowner has an existing mortgage loan with a balance of $250,000. The monthly loan payments are interest only at an annual interest rate of 10.40 percent. This loan can be replaced by a new loan with monthly interest only payments at an annual interest rate of 8.00 percent. How many months will it take until the interest savings from the new loan equals the cost of obtaining the new loan if the cost of the obtaining the new loan is $5,500?
Suppose a homeowner has an existing mortgage loan with a balance of $250,000. The monthly loan payments are
interest only at an annual interest rate of 10.40 percent. This loan can be replaced by a new loan with monthly interest only payments at an annual interest rate of 8.00 percent. How many months will it take until the interest savings from the new loan equals the cost of obtaining the new loan if the cost of the obtaining the new loan is $5,500?
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