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3. (20pt) A man buys a house for 100,000. He finances it for 30 years with level monthly payments made at the end of each

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3. (20pt) A man buys a house for 100,000. He finances it for 30 years with level monthly payments made at the end of each month at a ixed interest rate of 7.5% convertible monthly. After l0 years he refinances the outstanding balance principle for 15 years at 6% convertible monthly. Calculate his new monthly payments

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