THE SCENARIO
A few years ago I bought a new car (well, it's a used car, but it was new to me). The initial financing terms were not super-great, but the loan was easy to get as part of the purchase. Because I was confident in my ability to refinance after the fact, I took out that initial loan.
That original loan had 60 monthly payments of $236.
I then proceeded to shop around for a better car loan, and found one with a
much better interest rate.
The loan I could refinance into had 60 monthly payments of $206.
Assuming I wanted to make 15% on my money, and assuming that I was able to refinance within the first month of the original loan (making the time period covered by the two loans the same), what's the most I could pay to do the refinance?
THE SOLUTION
This one is fairl...
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