Question
You purchase a $325,000 town home and you pay 20% down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 5.65% and
You purchase a $325,000 town home and you pay 20% down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 5.65% and monthly payments. After 10 years you refinance the mortgage for 20 years at a 4.58% annual interest rate. After you refinance, what is new monthly payment?
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Finance And Economics Discussion Series Understanding Productivity Lessons From Longitudinal Microdata
Authors: United States Federal Reserve Board, Mark E. Doms, Eric J. Bartelsman
1st Edition
1288717261, 9781288717262
