Through persuasive negotiation, Russ has obtained an interest rate of 4.8% compounded semiannually for tl1e first five-year

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Through persuasive negotiation, Russ has obtained an interest rate of 4.8% compounded semiannually for tl1e first five-year term of his mortgage, ratl1er than the 5.1% compounded semiannually the bank was advertising. lf Russ borrows $200,000 for a 25-year amortization, how much less will his monthly payments be during the first five-year term as a result of his negotiation of the lower interest rate?

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Given At a rate of 48 compounded semiannually i 482 24 then ...View the full answer

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