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You bought a house for $300,000. The bank required a 20% down payment. Assuming a 30 year monthly mortgage... What is your payment if

You bought a house for $300,000. The bank required a 20% down payment. Assuming a 30 year monthly mortgage...

• What is your payment if the rate is 5%?

• After five years, you refinance. What is the new balance?

• You refinance at a new mortgage rate of 4%. What is your new payment assuming a new 30 year maturity?

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