A man has a five-year old loan with which he purchased his house: his interest rate is 18% compunded monthly. Since he obtained this loan, interest rates have dropped and he can now get a loan for 13.2% compunded monthly. Because of this he is considering refinancing his home. The existing loan is a 15-year amortized loan for 6 million rupees and the new loan would be a 10-year loan for the current amount due on the old loan.
Find his monthly payment with the existing loan
Find the loan amount for the new loan
Find the monthly payment with his new loan
Find the total interest he will pay if he does not get a new loan
Find the total interest he will pay if he does get the new loan