Question
On June 20, 2010, Alice obtained a 20-year $85,000 home loan at an interest rate 7.2% compounded monthly. Her monthly payment is $669.25. If she
On June 20, 2010, Alice obtained a 20-year $85,000 home loan at an interest rate 7.2% compounded monthly. Her monthly payment is $669.25. If she can refinance the loan on December 20, 2015 at an interest rate of 4.9% compounded monthly, find the amount to be refinanced.
please show your work
please do not use excel
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Financial Accounting: A Business Process Approach
Authors: Jane L. Reimers
3rd edition
978-0136115274
