Question
A couple has a $420,000 mortgage amortized over 30 years with monthly payments. They chose to lock in a rate of j 2 =4% for
A couple has a $420,000 mortgage amortized over 30 years with monthly payments. They chose to lock in a rate of j2=4% for the first 5 years.
Calculate their new monthly payment (rounded up to the next cent) if they refinance at j2=4.75% after the first 5 years are up.
Could you please do this with all necessary steps.?
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert Hughes
4th Edition
0256147175, 978-0256147179
