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Homework answers / question archive / Whan Custavo and Serrano bought their home, they had a 5

Whan Custavo and Serrano bought their home, they had a 5

Finance

Whan Custavo and Serrano bought their home, they had a 5.7% loan with monthly payments of $3 70.60 for 30 years. After making a monthly payments, they plan to refinance for an amount that includes an additional $35,000 to remodel their kitchen, They can refinance at 4.14 compounded monthly for 25 years with refinancing costs of $625 Included with the amount (a) Find the amount refinanced, (Round your answer to the nearest cent.) refinanced (b) hind their new monthly payment. (Round your answer to the nearest cont.) (c) How long will it take to pay off this new loan if they pay $1200 each month (Round your answer up to the next whole number.) payments

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