Question
The mortgage on your house is five years old. It required monthly payments of $2000, had an original term of 30 years, and had an
The mortgage on your house is five years old. It required monthly payments of $2000, had an original term of 30 years, and had an interest rate of 8% (APR).
You have decided to refinance. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 5% (APR).
What monthly repayments will be required with the new loan?
Group of answer choices
1515
1635
1485
1391
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Finance
Authors: Angelico Groppelli, Ehsan Nikbakht
2nd Edition
0812043731, 978-0812043730
