You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current
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You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $1991 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 5.537% (APR). How much do you owe on the mortgage today?
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Four years and eight months correspond to 4 12 8 52 8 60 months So the mortgage is currently in its ...View the full answer
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Related Book For 
Corporate Finance The Core
ISBN: 9781292158334
4th Global Edition
Authors: Jonathan Berk, Peter DeMarzo
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