Consider a 20-year mortgage for $174,334 at an annual interest rate of 5%. After 8 years, the mortgage is refinanced to an annual interest rate of 2.6%. What are the monthly payments after refinancing?
Consider a 20-year mortgage for $174,334 at an annual interest rate of 5%. After 8 years, the mortgage is refinanced to an annual interest rate of 2.6%. What are the monthly payments after refinancing?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Consider a 20-year mortgage for $174,334 at an annual interest rate of 5%. After 8 years, the mortgage is refinanced to an annual interest rate of 2.6%. What are the monthly payments after refinancing?
Round your answer to the nearest dollar.
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