You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $1,976 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 6.037% (APR). How much do you owe on the mortgage today? The amount you owe today is $(Round to the nearest dollar)
You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $1,976 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 6.037% (APR). How much do you owe on the mortgage today? The amount you owe today is $(Round to the nearest dollar)
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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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 $1,976 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 6.037%
(APR). How much do you owe on the mortgage today?
The amount you owe today is $ (Round to the nearest dollar)
Cara
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