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36) You purchase a $325,000 town home and you pay 25 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of

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36) You purchase a $325,000 town home and you pay 25 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 5.75 percent. After five years you refinance the mortgage for 25 years at a 4.75 percent annual interest rate. After you refinance, what is the new monthly payment (to the nearest dollar)? A) $1289 D) SI3I8 C) S1357 D)$1384 $1413

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