Question
10 years ago, you took out a 30-year mortgage on your home for $350,000. The mortgage was at a fixed rate of 4.8%. You notice
10 years ago, you took out a 30-year mortgage on your home for $350,000. The mortgage was at a fixed rate of 4.8%. You notice that today rates for a new 30-year mortgage is 3.6%. If you were to refinance the outstanding amount on your original mortgage, how much would you save per month by taking a new 30-year mortgage at the new rate?
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Options Futures And Other Derivatives
Authors: John C. Hull
3rd Edition
0131864793, 9780306457555
