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7 years ago a fixed rate mortgage for $100,000 was issued which would fully amortize monthly in 20 years. The contract rate was 8%. Refinancing

7 years ago a fixed rate mortgage for $100,000 was issued which would fully amortize monthly in 20 years. The contract rate was 8%. Refinancing costs $3,000. Now that rates have fallen to 6%. What is the monthly payment? What is the loan balance? What is the break-even rate for refinancing?

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