In the past few years, millions of homeowners have realized huge savings by refinancing their mortgages. Now, the refinancing craze is catching on in the car loans industry. According to this article refinancing could same your car might save you big time bucks.
1. According to the article, by how much have auto refinancing applications risen?
2. What does the phrase mean if “a loan has turned upside down”?
3. One refinancer offers an interest rate of 2.625% with an APR of 2.795% Explain what this means.
Caplinger, D. (2012). The Money-Saving Refinancing Move You’ve Never Considered, Daily Finance, March 5 (Retrievable online at http://www.dailyfinance.com/2012/03/05/the-money-saving-refinancing-move-youve-never-considered/)