P=%15000; r=9%; n=50; m=$360.87
If after 17 months, the borrower refinances the loan at 8%, what are the new monthly payments?

Question

P=%15000; r=9%; n=50; m=$360.87
If after 17 months, the borrower refinances the loan at 8%, what are the new monthly payments?

ganeshie8 · Answer

could you explain what refinance means ?

ganeshie8 · Answer

m = $360.87 is the monthly payment is it ?

anonymous · Answer

yes , at first. then they switch plans or w.e..

ganeshie8 · Answer

so he made 18 monthly payments,
then switched to 8% plan is it ?

ganeshie8 · Answer

you need to see how much of his 17 payments went toward principal

anonymous · Answer

wouldnt it be 17 monthly payments that were made ?

ganeshie8 · Answer

yes sry its 17, 
there is no 18 anywhere, its a typo

anonymous · Answer

oh ok

ganeshie8 · Answer

do you have a formula for calculating `outstanding balance` after `n` payments ?

ganeshie8 · Answer

its usually called `Balance formula`

ganeshie8 · Answer

see if you can find it in ur notes

anonymous · Answer

i have amortization of a loan, present value of an annuity , remaining balance

ganeshie8 · Answer

its the `remaining balance` formula, take a screenshot and attach here if psble

anonymous · Answer

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