In the last 5 years, the interest rate on purchasing a home has been = 4.3%,

In the last 5 years, the interest rate on purchasing a home has been μ = 4.3%,σ = 0.2% following a normal distribution. You purchase a $250,000 home at a rate that is 1.5 standard deviations below the average for a 30-year term. If you refinance after 15 years, how much will you be refinancing at that time?

Answer rating: 100% (QA)

Given that the home is purchased at ... View the full answer