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Question 10 10 pts Suppose that you purchased a house with a $140,000 mortgage (30-year fixed at 6 % with a payment of $839.37) five
Question 10 10 pts Suppose that you purchased a house with a $140,000 mortgage (30-year fixed at 6 % with a payment of $839.37) five years ago. The loan balance is currently $130,276 and you can refinance that balance at 5 % with a new 30-year fixed rate mortgage. You anticipate being in the house for another four years, at which point the balance on your current mortgage would be $120,106. If you refinanced at the terms above, what would be the difference in the loan balances? $1,329 $1,871 $2,471 $3,132 $3,860
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