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A borrower is repaying a $5000 loan at i(12)=9% with monthly payments over 3 years. Just after the 12th payment (at the end of one
A borrower is repaying a $5000 loan at i(12)=9% with monthly payments over 3 years. Just after the 12th payment (at the end of one year) he has the loan refinanced at i(12)=6%. If the amortization period doesnt change and there is no penalty, what is the new monthly payment and what will be the monthly savings in interest?
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Public Finance A Contemporary Application Of Theory To Policy
Authors: David N Hyman
12th Edition
0357442156, 978-0357442159
