Question
9. A couple took out a $399,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.24% APR.
9. A couple took out a $399,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.24% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage.The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 3.12% APR with monthly compounding. The mortgage will call for monthly payments. What is the new monthly payment if the couple refinances
10. A couple took out a $399,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.24% APR. The couple has made all payments over the last 10 years. Currently, the couple is considering re-financing their mortgage.The couple has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 3.12% APR with monthly compounding. The mortgage will call for monthly payments. How much will the couple save on monthly payments?
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Agricultural Finance
Authors: Charles Moss
1st Edition
0415599075, 978-0415599078
