The new mortgage would be for 25 years and would have an annual interest rate of 9.23%

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The new mortgage would be for 25 years and would have an annual interest rate of 9.23% (this is APR, i.e., stated rate). The mortgage would be repayable in equal monthly payments over this term, at a monthly interest rate of 9.23%/12 = 0.76917%. The fees on the new mortgage are $8,000 to be paid today.

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Sahla yasmin

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