Question
A property was financed 5 years ago at 80% of 360,000 and an APR of 3% and a duration of 10 years. Five years have
A property was financed 5 years ago at 80% of 360,000 and an APR of 3% and a duration of 10 years. Five years have passed and interest rates have dropped to an APR of 2.65% for a five year mortgage. Required fees for the new mortgage are $1,400. What is the effective cost to refinance the mortgage?
A. 2.72%
B. 2.96%
C. 3.02%
D. 3.07%
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Sustainability In Energy Business And Finance Approaches And Developments In The Energy Market
Authors: Hasan Dinçer , Serhat Yüksel
1st Edition
3030940500,3030940519
