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You bought a house for $500,000 with a 10% down. The mortgage is 30 year and you make monthly payments. Your interest rate is 12%
You bought a house for $500,000 with a 10% down. The mortgage is 30 year and you make monthly payments. Your interest rate is 12% APR. At the end of 10th year, you found that you are able to borrow at 6% APR. How much can you save through refinancing (at the end of 10th year)?
Give me the specific explanation plz
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Capital Markets Institutions And Instruments
Authors: Frank J. Fabozzi, Franco Modigliani
2nd Edition
0133001873, 978133001877
