You borrowed $80,000 at 6% amortized over 30 years a few years ago and the balance is now $63,000. If you refinanced with a 30 year loan at 4.25% today, how much would you save every month?
(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)
Answer to 10/10/2011 problem:
(N=360,I=15,PV=-0,PMT= -50) FV=$346,163.98