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Posted on Jul 27, 2024

Pablo and Lloyd took out a 3 0 year mortgage for $ 3 5 4 , 0 0 0 at the APR of 1 2

Pablo and Lloyd took out a

30

year mortgage for $

354, 000

at the APR of

12 %,

compounded monthly. After they had made

14

years of the payments

(168

payments

)

they decide to refinance the remaining loan balance for

20

years at the APR of

5.1 %,

compounded monthly. What will be the balance on their loan

7

years after the refinance?

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