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A couple plans on refinancing their existing mortgage. They currently owe $150,000 (which represents 70% of the value of the house) with 15 years left on the loan and monthly payments of $1300. A new loan will be financed at the 15 year fixed rate 1.3%. What will be the new monthly payments? How much equity will they have in the house 4 years from now if the price of the house doesn’t change over that time?

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Financial Management, Finance

Category:- Financial Management
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