1. Suppose you take out a 30-year mortgage for $236510 at an annual interest rate of 6.6%. After 8 years, you refinance to an annual rate of 4.4%. When there are 8 years left on the loan, you refinance again to an annual rate of 2.6%. What are your monthly payments for the last 8 years?
2. You just put $4028 in a CD that is expected to earn 4% compounded monthly, and $8466 in a savings account that is expected to earn 4% compounded annually. Determin when , to the nearest year, the values of your two investments will be the same.