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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
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. a) What is his monthly mortgage payment on 30-year mortgage? b) What is his monthly mortgage payment on refinancing for 20-year mortgage? (Please round your calculation to TWO decimal places)
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