Business, 06.12.2019 03:31 ladybugys

You purchased a house five years ago and borrowed $600,000 . the loan you used has 300 more monthly payments of $2,864 each, starting next month, to pay off the loan. you can take out a new loan for $542,685 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. group of answer choices a. $59,481 b. $64,328 c. $61,265 d. $57,748 e. $62,455

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You purchased a house five years ago and borrowed $600,000 . the loan you used has 300 more monthly...

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