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a You purchase a $550,000 home and you pay 25 percent down. You obtain a 30- year fixed-rate mortgage with an annual interest rate of

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a You purchase a $550,000 home and you pay 25 percent down. You obtain a 30- year fixed-rate mortgage with an annual interest rate of 6.5 percent. After 5 years you refinance the mortgage for 25 years at a 5.2 percent annual interest rate. After your refinance, what is the new monthly payment? $2,647.20 $2,456.10 $3,070.12 $2,302.59

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