0 0 corre c t you know how to unde rsta nd a nd a na

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Unformatted text preview: ith multiple la ye rs. Tota l 1 5 .0 0 / 1 5 .0 0 Ques tio n Ex p lanatio n A multi-la ye r proble m, now tha t you know how to c a lc ula te ba sic stuff. Dra w a time line ; it is ke y. Re me mbe r a spre a dshe e t is a time line . Question 8 (15 points) Jingfe i bought a house 10 ye a rs a go for $200,000. He r down pa yme nt on the house wa s the minimum re quire d 10% a t tha t time she fina nc e d the re ma inde r with a 15-ye a r fixe d ra te mortga ge . The a nnua l inte re st ra te wa s 10% a nd she wa s re quire d to ma ke monthly pa yme nts, a nd she ha s just ma de he r 120th pa yme nt. A ne w ba nk ha s offe re d to re fina nc e the re ma ining ba la nc e on Jingfe i's loa n a nd she will ha ve to pa y $1,900 pe r month for the ne xt 5 ye a rs, but the tota l fe e s she will ha ve to pa y toda y to ge t the ne w loa n is $1,000. Should she ta ke the ne w offe r? How muc h will she ga in or lose in toda y's dolla rs if she doe s? Annua l inte re st ra te s a re still 10%. https://c la ss.c our se r a .or g/intr of i...
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