Question
you signed an initial 300k , 30 years mortgage. QR was 6.075% ( semiannually) monthly pmt , fixed 5 years. after exactly 5 years you
you signed an initial 300k , 30 years mortgage. QR was 6.075% ( semiannually) monthly pmt , fixed 5 years. after exactly 5 years you plan to re-new your mortgage. you are offered a new quoted rate of 3.7 % ( fixer, semiannually compounding). what's your new monthly payment, if you refinance the full outstanding amount of 25 year?
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International Financial Management
Authors: Jeff Madura
2nd Edition
0314430296, 978-0314430298
