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You purchased a house five years ago and borrowed $250,000 . The loan you used has...

You purchased a house five years ago and borrowed $250,000 . The loan you used has 300 more monthly payments of $1,194 each, starting next month, to pay off the loan. You can take out a new loan for $226,119 at 3.00% APR compounded monthly , with 300 more payments, starting next month to pay off this new loan. and pay off the old loan. If your investments earn 3.00% APR compounded monthly , how much will you save in present value terms by using the new loan to pay-off the original loan? There may be rounding in this case , so pick the closest answer.$24,194 $25,668 $26,166 $26,951 $24,920

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jeff jeffy answered 3 months ago
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