Question
PLEASE SHOW IN EXCEL You purchase a $325,000 town home and you pay 25 percent down. You obtain a 30-year fixed-rate mortgage with an annual
PLEASE SHOW IN EXCEL
You purchase a $325,000 town home and you pay 25 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 5.75 percent and monthly payments. After five years you refinance the mortgage for 25 years at a 5.1 percent annual interest rate. After you refinance, what is the new monthly payment (to the nearest dollar)?
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Personal Finance Building Your Future
Authors: Robert Walker, Kristy Walker
2nd Edition
0077861728, 9780077861728
