Question
Five years ago, Stephen took out a 30-year mortgage with an APR of 12% for $200,000. If he were to refinance the mortgage today for
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Five years ago, Stephen took out a 30-year mortgage with an APR of 12% for $200,000. If he were to refinance the mortgage today for 20 years at an APR of 6%, answer the following two questions.
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a) What is his monthly mortgage payment on 30-year mortgage?
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b) What is his monthly mortgage payment on refinancing for 20-year mortgage?
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Day Trading Strategies And Risk Management
Authors: Richard N. Williams
1st Edition
979-8863610528
