You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $3,120 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 7.500% (APR). How much do you owe on the mortgage today? (Note: Be careful not to round any intermediate steps less than six decimal places.) The amount you owe today is $647394. (Round to the nearest dollar.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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Finance

 

You have decided to refinance your mortgage. You plan to borrow whatever
is outstanding on your current mortgage. The current monthly payment is
$3,120 and you have made every payment on time. The original term of the
mortgage was 30 years, and the mortgage is exactly four years and eight
months old. You have just made your monthly payment. The mortgage
interest rate is 7.500% (APR). How much do you owe on the mortgage
today? (Note: Be careful not to round any intermediate steps less than six
decimal places.)
The amount you owe today is $647394. (Round to the nearest dollar.)
Transcribed Image Text:You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $3,120 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 7.500% (APR). How much do you owe on the mortgage today? (Note: Be careful not to round any intermediate steps less than six decimal places.) The amount you owe today is $647394. (Round to the nearest dollar.)
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