Suppose you take out a 30 year $250,000 mortgage with an APR of 6%. You make payments for 3 years (36 months payments) and then consider refinancing the original loan. The new loan would have a term of 20 years, have an APR of 5.2%, and be in the amount of the unpaid balance on the original loan. (The amount you boron on the new loan would be used to pay off the balance on the original loan.). The administrative cost of taking out the second loan would be $2200. Use the information to complete part (A) What are the monthly payments on the original loan?

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A:

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A: Solution:-

Q: ou will have 6 moths of grace period.

A: answer of given question is in step 2

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Q: Suppose

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Q: minimum

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A:

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A: Let x be the mortgage amount that offered.

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A: Given Monthly payment=$1235 N=30*12=360 R=8.25/12=0.6875%

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A: Monthly payment (PMT) on original loan can be calculated with the help of PV of an Annuity formula…

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A:

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A: See the attachment

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A: Use formula of payments to solve this problem.

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A:

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A: The down payment is 6% of $27,600, which is: 0.06 x $27,600 = $1,656   So you are financing the…