2 years ago, we purchased a house with a $450,000 mortgage with a 30 yr, 8% loan....

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2 years ago, we purchased a house with a $450,000 mortgage with a 30 yr, 8% loan.

A. What is the monthly payment?

B. How much is owed after 2 years?

C. How much interest did we pay over a 2 yr period?

D. If we are looking to refinance the current balance and the current rate is 3.75% what would be the monthly payment on a 20yr and 15 yr mortgage?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: May 06, 2023 01:30 AM

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2 years ago, we purchased a house with a $450,000 mortgage with a 30 yr, 8% loan....

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Expert Answer:

A To calculate the monthly payment on a mortgage we can use the formula for the monthly payment on a fixedrate loan Monthly Payment P r 1 rn 1 rn 1 Wh... View the full answer

Income Tax Fundamentals 2013

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