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Will rate immediately Question 9 10 pts Suppose that you purchaseed a house with a $120,000 mortgage (30-year foxed at 6%) five years ago. The
Will rate immediately
Question 9 10 pts Suppose that you purchaseed a house with a $120,000 mortgage (30-year foxed at 6%) five years ago. The loan balance is currently $111,665 and you can refinance that amount at 5 % with another 30-year fixed rate mortgage. What would be the difference in the monthly payment? $120.02 $133.59 $147.02 $160.28 $173.40 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 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? 30-year fixed rate mortgage. You $1,329 $1,871 $2,471 $3,132 Step by Step Solution
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