You borrow $350,000 at 4.31% annual interest compounded monthly. The loan was to be paid off in equal monthly payments over 30 years. On the 10-year loan anniversary date after you make that monthly payment, you re-financed the remainder of the loan at 3.74% annual interest compounded monthly for 15 years with equal monthly payments.
What was the monthly payment amount for the initial loan?
What was the amount that was re-financed with the second loan?
How much total interest would have been paid over 30 years on the first loan if it had not been re-financed?
How much total interest was paid for the re-finance option (portion of the first loan and re-financed loan)?