.Assume you have a student loan that you will pay off in 10 years. How much will you save in interest if you refinance at the new rate? Use the accompanying table of monthly payments on a $ 1,000 loan
Monthly Payment on a $1,000 loan 10 Annual Interest Rate
Number of years of the loan
Annual interst rate 3 4 10 20 30
4% $29.53 $22.58 $10.12 $6.06 $4.77
5% 29.97 23.03 10.61 6.60 5.37
6% 30.42 23.49 11.10 7.16 6.00
8% 31.34 24.41 12.13 8.36 7.34
10% 32.27 25.36 13.22 9.78 8.78
12% 33.21 26.33 14.35 11.01 10.29