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Lamar is looking to refinance his mortgage. His current loan has 120 monthly payments of $1,350 remaining. His new mortgage will require 180 monthly payments

Lamar is looking to refinance his mortgage. His current loan has 120 monthly payments of $1,350 remaining. His new mortgage will require 180 monthly payments of $900. Assuming a principal value of $162,000 for both loans, what do you know about the interest rate of the current mortgage compared to the new mortgage? Current interest rate > New interest rate Current interest rate = New interest rate Current interest rate

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