on may 15 2006 you obtained an 82000, 15 year home loan at 5.1% compounded monthly,with...

on may 15 2006 you obtained an 82000, 15 year home loan at 5.1% compounded monthly,with the first payment due on june 15th 2006. The size of the monthly payment is $652.73

A. Find the balance due on the loan on December 15, 2011.

B. How much interest will be paid on the loan during 2012?

C. If you refinanced the loan on December 15, 2011 at 7.2% interest what will the size of the new payment if the term of the loan remains the same?

D. If you refinanced the loan on December 15, 2011 at 7.2% interest what will the term of the loan if the payment size remains the same?

E. If the original payment is rounded to $700 (and there is no change in the original interest rate), What will the size of the 162nd payment if it is increased from $700 to pay off the balance?

Expert Solution

ekkarill92 answered 2 years ago

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