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Consider a 3-year, fixed rate mortgage with an original balance of $25,000 and an interest rate of 5.3%. Suppose right after the month 10 payment
Consider a 3-year, fixed rate mortgage with an original balance of $25,000 and an interest rate of 5.3%. Suppose right after the month 10 payment has been made, the interest rate declines by 2%. What would be the new monthly payment if the home-owner were to refinance with a new 3-year loan at the new rate?
Round your answer to 2 decimal places (nearest cent).
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