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5. A person purchased a $144,192 home 10 years ago by paying 20% down and signing a 30-year mortgage at 12.3% compounded monthly. (A)
5. A person purchased a $144,192 home 10 years ago by paying 20% down and signing a 30-year mortgage at 12.3% compounded monthly. (A) What is the unpaid balance after 120th payment? (B) Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 30-year mortgage at 6.3% compounded monthly. How much interest will refinancing save?
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Venture capital and the finance of innovation
Authors: Andrew Metrick
2nd Edition
9781118137888, 470454709, 1118137884, 978-0470454701
