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i need this done very fast. thank you QUESTION 31 13 Work through the following mortgage scenario with Four (4) parts: 1. Borrower has a
i need this done very fast. thank you
QUESTION 31 13 Work through the following mortgage scenario with Four (4) parts: 1. Borrower has a 30-year mortgage at 6% based on 5600,000 What is the monthly payment (principal and interest payment of this mortgage? (4 points) 2 After years, what is the remaining balance? (3 points) 3. At the end of the eighth year ( based on remaining balance found in Number 2 above), the borrower has the ability to refinance that remaining balance with a mortgage with an interest rate of 4% of the balance in Number 2 above is refinanced with a 20-year mortgage with an interest rate of 4%, what would the new monthly payment principal and interont pay the new loan? (3 points) 4. Assuming that there is a prepayment penalty of $8,000 to pay off the original mortgage used in Number 1 (based on 30 years, 6%. $600,000) and $6,000 in cost the new loan, how many months would you need to hold the property with the new mortgage as described in Number 3 to offset the costs of the rofinance? (3 point Answer all four questions in the space provided For the toolbar.press ALT.FIOPOO ALTERNARD Step by Step Solution
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