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Tom and Marie have a 30 year 150,000 mortgage at a nominal 8% convertible monthly. Immediately after the 120th payment they refinance. The refinance is

Tom and Marie have a 30 year 150,000 mortgage at a nominal 8% convertible monthly. Immediately after the 120th payment they refinance. The refinance is for 10 years at a nominal 6.5% convertible iomk n aditmetof 2000 at bhe time of the refinancing

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