Worked Example: Mortgages, Loans, and Repayments
To determine the new repayment amount we again apply the annuity formula to find a monthly payment scheme that has a present value equal to the amount of the loan: in which case the monthly repayment, a, is $779.17. Therefore you should refinance since this would save you 809.75 – 779.17 = $30.58 on each monthly repayment. ................
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