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You purchased a house five years ago and borrowed $400,000 . The loan you used has...

You purchased a house five years ago and borrowed $400,000 .
The loan you used has 300 more monthly payments of $1,686 each, starting next month, to pay off the loan.
You can take out a new loan for $355,625 at 2.00% APR compounded monthly , with 300 more payments, starting next month to pay off this new loan.
If your investments earn 2.75% 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.

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I HAVE SOLVED USING FINANCIAL FORMULA AS WELL AS USING EXCEL FUNCTION

jeff jeffy answered 3 months ago
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