Chelsea is currently paying down a 30-year mortgage. She bought the house 10 years ago for $270,000.00 and is paying 7.25% interest, compounded monthly. She is considering refinancing to a 15-year mortgage at 3.25% interest, compounded monthly.
(a) How much are her current monthly payments?
(b) How many years are remaining on her current loan?
years
(c) What is the outstanding balance on her current loan?
(d) If she refinances the entire outstanding balance, how much will her new monthly payments be?