Name Subject Date Question 1 a. Down Payment = 10% of 110000 =$ 11000 b. Mortgage = Price – Down Payment = 110000 – 11000 = 93063.6 c. 1st contract = $ 297833.6 2nd contract = $ 188674.6 + 11000 = $ 199674.6 The 2nd contract is cheaper thus refinancing is encouraged. [...]
Show your step by step work for each question. No detailed work – no points. Start with corresponding formula and use appropriate variables, notations, and units. No appropriate formulas or variables - no points.'