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Exercies 5. [5] A man borrows 100,000 to buy a house. His 30-year mortgage has level end-of- month payments and a fixed interest rate of

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Exercies 5. [5] A man borrows 100,000 to buy a house. His 30-year mortgage has level end-of- month payments and a fixed interest rate of 7.5% convertible monthly. After 10 years, he refinances the outstanding principal balance for 15 years at 6% convertible monthly a) Calculate his new monthly payments after refinancing the mortgage. b) What is the difference in the interest paid due to refinancing the mortgage

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