Question
You have borrowed $200,000 at 5% for 30 years, with monthly payments. After five years [60 months], you are refinancing the loan at 4%. With
You have borrowed $200,000 at 5% for 30 years, with monthly payments. After five years [60 months], you are refinancing the loan at 4%. With a NEW 25 year amortization period, and monthly payments, what is your new monthly payment?
Group of answer choices
a. $1,074
b. $969
c. $825
d. $877
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Public Finance and Public Policy
Authors: Jonathan Gruber
4th edition
1429278455, 978-1429278454
