Question
Two years ago, you purchase a house of $100,000. You borrow a mortgage with 80% of LTV (loan to value ratio). The interest rate on
1. What is the new loan amount if you choose to refinance?
2. What is your monthly payment for the new loan?
3. What is the effective cost of your new loan and do you refinance if you hold the loan for 30 years
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Intermediate Accounting
Authors: Kin Lo, George Fisher
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133865940, 133865943, 978-7300071374
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