When he purchased his home, AI Silva borrowed $80,000 at 10% interest to be repaid in 25 equal…


When he purchased his home, AI Silva acquired $80,000 at 10% interest to be repaid in 25 resembling annual end-of-year payments. After making 10 payments, AI establish he could refinance the poise due on his hypothecation at 9% interest for the fostering 15 years. To refinance the hypothecation, AI must pay the original mortgagee the poise due on the hypothecation, plus a punishment enjoin of 2% of the poise due; to the new mortgagee he to-boot must pay a $1000 benefit enjoin to obtain the hypothecation. The new hypothecation would be made resembling to the poise due on the old loan, plus the 2% punishment enjoin, and the $1000 benefit enjoin. Should AI refinance the hypothecation, splendid that he accomplish obey the offspring for the proximate 15 years? Use an annual coin career anatomy in established this collection.