g Mr. Aman wants to refinance his mortgage loan as the interest rates in the market are reduced. The outstanding balance will be borrowed by Aman at the rate of 5% APR. The mortgage loan term was 15 years at 6% APR. The monthly payment on current mortgage loan is $4,000. Aman just made 15th payment. How much amount Aman needs to borrow to refinance his mortgage? (a) $476,591.71 (b) $448,690.58 (c) $474,014.06 (d) $505,820.97
g Mr. Aman wants to refinance his mortgage loan as the interest rates in the market are reduced. The outstanding balance will be borrowed by Aman at the rate of 5% APR. The mortgage loan term was 15 years at 6% APR. The monthly payment on current mortgage loan is $4,000. Aman just made 15th payment. How much amount Aman needs to borrow to refinance his mortgage? (a) $476,591.71 (b) $448,690.58 (c) $474,014.06 (d) $505,820.97
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Mr. Aman wants to refinance his mortgage loan as the interest rates in the market are
reduced. The outstanding balance will be borrowed by Aman at the rate of 5% APR. The
mortgage loan term was 15 years at 6% APR. The monthly payment on current mortgage
loan is $4,000. Aman just made 15th payment. How much amount Aman needs to borrow
to refinance his mortgage?
(a) $476,591.71
(b) $448,690.58
(c) $474,014.06
(d) $505,820.97
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