Problemassume a 16-year 250000 mortgage with a rate of 58, Ask an Expert

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Problem:

Assume a 16-year, $250,000 mortgage with a rate of 5.8 percent. 9 years into the mortgage, rates have fallen to 4.8 percent.

Required:

Question: What would be the monthly saving to a homeowner from refinancing the outstanding mortgage balance at the lower rate?

Note: Please show how to work it out.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91163472

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