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Ten years ago you took out a $ 2 0 0 , 0 0 0 loan. The details of the loan called for uniform payments

Ten years ago you took out a $200,000 loan. The details of the loan called for uniform payments to occur every month for fifteen years. (The first payment occurred one month after receiving the loan.) Interest rates have dropped significantly, and you have decided to refinance the loan for the remaining loan period. If the original loan interest rate was 6%, compounded monthly and the refinance rate is 3.72%, compounded monthly, the most you are willing to pay in refinance charges is closest to...(Assume the refinance occurs immediately after the final payment of the tenth year.).(5)
a) $1,688
b) $87,298
c) $3,775
d) $4,707
e) $5,551
f) $4,975
g) $11,299
correct answer: F
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