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.Kelly makes annual payments for 20 years in order to pay off a $220000 mortgage loan. The interest rate of the mortgage is j4 =
.Kelly makes annual payments for 20 years in order to pay off a $220000 mortgage loan. The interest rate of the mortgage is j4 = 15% and can be renegotiated every 5 years without penalty. At the end of the 5th year she refinances the loan at j4 = 11%. Determine the following amounts: Initial Payment: $ ---------------Refinanced Payment: $---------------
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