g. If closing costs of $1,950 are associated with the refinance of a mortgage that would reduce the monthly payment from $890 to $780, it would take approximately months to cover these costs/homework-help/questions-and-a nswers/amount-mortgage-person-eligi ble-larger-payment-lower-debt-oblig ations-higher-value-collate-q506129 08

17.73

Explanation:

Calculation for the amount to cover these costs

Using Simple Payback Method

First step is to calculate the reduction in the monthly payment

Monthly payment reduction=(890-780)

Monthly payment reduction= 110

Last step is to calculate how many months it will take to cover the costs

Months to cover costs=(1,950/110)

Months to cover costs= 17.73

Therefore it would take approximately 17.73 months to cover these costs

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%