Value = $325,000Current balance = $245,580Current payment = $1,890Taxes = $205Homeowners insurance = $60Closing Costs = 2.5%Prepaids = 1%What is their new loan amount and proposed monthly PITI based on a 30-year fixed-rate of 6.125%?Choices:$256,859/ $1,825.70$254,850 /$1,913.31$254,850 /$1,892.07$256,750 /$1,925.60

As per the given information: Value = $325,000Current balance = $245,580Current payment =…

Answered: Value = $325,000 Current balance =…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 3CE

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