Question
A large loan is to be repaid over 25 years with monthly payments. After 3years, the outstanding balance of the loan is$96,329.18 and the loan
A large loan is to be repaid over 25 years with monthly payments. After 3years, the outstanding balance of the loan is$96,329.18 and the loan is refinanced at j12=6%. If the new monthly payment is$700, what refinancing penalty wasassessed? You aregiven:
a264|.005=146.3969.
A.$6148.65
B.$12,315.63
C.$8644.80
D.$3670.82
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International Finance Theory and Policy
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
10th edition
978-0133425895, 133425894, 978-0133423631, 133423638, 978-0133423648
