A couple borrows $180,000 at 5.4% compounded monthly for 30 years. After making 80 payments of $1010.76,

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A couple borrows $180,000 at 5.4% compounded monthly for 30 years. After making 80 payments of $1010.76, they refinance at 4.8% compounded monthly for 25 years, with refinancing costs of $550 added to the new loan.

(a) Find the amount refinanced.

(b) Find the new monthly payment.

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Mathematical Applications For The Management, Life And Social Sciences

ISBN: 9781337625340

12th Edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Question Posted: Oct 21, 2020 03:51 AM

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A couple borrows $180,000 at 5.4% compounded monthly for 30 years. After making 80 payments of $1010.76,

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a b c Original remaining 280101076 28301280 ...View the full answer

Mathematical Applications For The Management, Life And Social Sciences

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