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					37) using an online mortgage calculator (see http://moyer.swlearning.com) solve for the
monthly savings and the number of months it takes to recoup the refinancing costs in problem
34. Hint under the question “what will it cost you?” enter 2850 for “Other” and 0 for all other
items

Monthly savings = $81.79
Number of months to recoup costs = 34.8 months.

http://www.bankrate.com/brm/calc_vml/refi/refi.asp


                       New monthly payment $ 831.87
                              Monthly savings $81.79
                         Difference in interest $ 19630.67


                                    Total cost: $ 2850
                      Months to recoup costs: 34.8

				
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