A couple that borrows $300,000 at an APR of 4.8% compounded monthly on a 30-year mortgage has a monthly payment amount of $1574.(a) Fill in the missing entries for the first two payments of the amortization schedule.Balance ReductionPmt #012Payment.$1574$1574InterestUnpaid Balance$300,000(b) Approximately how much interest is paid during the first year? Hint: This can be donewithout making an amortization schedule.(c) After making their payments for ten years, they refinance the loan at an APR of 3.6%compounded monthly for 15 years, with a refinance charge of $2,000 included in theamount refinanced. Find the new monthly payment.(d) Find the amount saved by refinancing.

Borrowed amount is $300,000 APR is 4.8% Compounded monthly Time period is 30 years Monthly amount is…

Answered: A couple that borrows $300,000 at an…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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