10 years ago a fixed rate mortgage for 300000 was issued, Ask an Expert

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10 years ago, a fixed rate mortgage for $ 300,000 was issued which would fully amortize monthly in 20 years. The contract rate was 8%. Refinancing costs $3,000 Now the rates have fallen to 7.75%.

• What is the monthly payment on the original loan? • What is the loan balance? • What is the monthly payment if refinanced?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M93051378

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