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You took out a 30-year fixed-rate mortgage for $400,000 with an interest rate of 8.4% (APR). A)What is the outstanding balance on your mortgage after
You took out a 30-year fixed-rate mortgage for $400,000 with an interest rate of 8.4% (APR).
A)What is the outstanding balance on your mortgage after 20 years?
B)
20 years after you took out the original mortgage, interest rates have fallen to 6%. What is your new monthly payment if you refinance your mortgage and get a new 10-year mortgage?
C)What are your monthly savings from refinancing?
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