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Could someone help me with this? Thanks 12. (4 points) Dave takes out a 25-year mortgage of 230000 dollars for his new house. Dave gets
Could someone help me with this? Thanks
12. (4 points) Dave takes out a 25-year mortgage of 230000 dollars for his new house. Dave gets an interest rate of 13.2 percent com- pounded monthly. e agees to make cqual monthly payments, the first coming in one month. After making the 64th payment, Dave wants to buy a boat, so he wants to refinance his house to reduce his monthly payment by 700 dollars, and to get a better interest rate. In particular, he negotiates a new rate of 8.4 percent compounded monthly, and agrees to make equal monthly pay- ments (each 700 dollars less than his original payments) for as long as necessary, followed by a single smaller payment. How large will Dave's final loan payment be? Answer dollarsStep by Step Solution
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