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When Jimmy and Jamie bought their home, they had a 4.2% loan with monthly payments of $978.03 for 30 years. After making 30 monthly payments, they refinance for an amount that includes an additional $40,000 to remodel their kitchen. They can refinance at 3.9% compounded monthly for 25 years with refinancing costs of $1,000 included with the amount refinanced. Find the amount refinanced. Round to the nearest cent.

When Jimmy and Jamie bought their home, they had a 4.2% loan with monthly payments of $978.03 for 30 years. After making 30 monthly payments, they refinance for an amount that includes an additional $40,000 to remodel their kitchen. They can refinance at 3.9% compounded monthly for 25 years with refinancing costs of $1,000 included with the amount refinanced. Find the amount refinanced. Round to the nearest cent.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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When Jimmy and Jamie bought their home, they had a 4.2% loan with monthly payments of $978.03 for 30 years. After making 30 monthly payments, they refinance for an amount that includes an additional $40,000 to remodel their kitchen. They can refinance at 3.9% compounded monthly for 25 years with refinancing costs of $1,000 included with the amount refinanced. Find the amount refinanced. Round to the nearest cent.
Transcribed Image Text:When Jimmy and Jamie bought their home, they had a 4.2% loan with monthly payments of $978.03 for 30 years. After making 30 monthly payments, they refinance for an amount that includes an additional $40,000 to remodel their kitchen. They can refinance at 3.9% compounded monthly for 25 years with refinancing costs of $1,000 included with the amount refinanced. Find the amount refinanced. Round to the nearest cent.
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