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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
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=4.25% after the first 5 years are up
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Finance For Nonfinancial Managers
Authors: Gene Siciliano
2nd Edition
0071824367, 978-0071824361
