An investor obtained a fully amortizing mortgage 4 years ago for $100,000 at 12 percent for 30 years. Mortgage rates have dropped, so that a fully amortizing 25-year loan can be obtained at 10 percent. There is no prepayment penalty on the mortgage balance of the original loan, but 3 points will be charged on the new loan and other closing costs will be $2000. All payments are monthly.
Based on your calculations, respond to the following in a two- to three-page paper:
Include all calculations and explanations for how you arrived at those numbers and answer the questions completely to receive full credit.
SOLUTION IS AS FOLLOW As a first step, we need to calculate the monthly payment for the 30 years atdiscount rate of 12% mortgage which was taken 4 years ago.This is calculated as in =PMT (R,…
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