Question
A couple took out a $362,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.84% APR. The
A couple took out a $362,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6.84% 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 5.28% APR with monthly compounding. The mortgage will call for monthly payments. What is the new monthly payment if the couple refinances?
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
