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You have decid You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment
You have decid
You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2356, and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly 4 years and 8 months old. You have just made your monthly payment. The mortgage interest rate is 6.200% (APR with somi-annual compounding). How much do you owo on the mortgage today? (Note: Be careful not to round any intermediate stops less than six decimal places) The monthly discount rate is 13% (Round to five decimal places.) Step by Step Solution
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