Question
A person purchased a $159,065 home 10 years ago by paying 10% down and signing a 30-year mortgage at 9% compounded monthly. Interest rates have
A person purchased a $159,065 home 10 years ago by paying 10% down and signing a 30-year mortgage at 9% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 5.4% compounded monthly. How much interest will refinancing save?
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Guide To Finance Theory And Application Portfolio Mathematics
Authors: Professional Risk Managers' International Association (PRMIA)
1st Edition
0071731814
