Question
Five years ago you took out a 30- year mortgage with an APR of 6.20% for $206,000. If you were to refinance the mortgage today
Five years ago you took out a 30- year mortgage with an APR of 6.20% for $206,000. If you were to refinance the mortgage today for 20 years at an APR of 3.95%, how much would you save in total interest expense?
A) $200,503 B) $100,251 C) $150,377 D) $50,126
please show how to calcuated it step by step, thanks!
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Designing Strategic Cost Systems How To Unleash The Power Of Cost Information
Authors: Lianabel Oliver
1st Edition
9780471653585
