Six years ago you took out a loan of $180, 000 to finance the purchase of ahome $220, 000. The loan was 30 years of monthly payments at an interestrate of 8% with interest rates now at 5% you just refinance the full balanceof your home for 20 years. What will be your new monthly payment?
Six years ago you took out a loan of $180, 000 to finance the purchase of ahome $220, 000. The loan was 30 years of monthly payments at an interestrate of 8% with interest rates now at 5% you just refinance the full balanceof your home for 20 years. What will be your new monthly payment?
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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Question
Six years ago you took out a loan of $180, 000 to finance the purchase of a
home $220, 000. The loan was 30 years of monthly payments at an interest
rate of 8% with interest rates now at 5% you just refinance the full balance
of your home for 20 years. What will be your new monthly payment?
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