Question: A borrower originally took out a $ 5 0 0 , 0 0 0 mortgage for 3 0 years at an interest rate of 5

A borrower originally took out a $500,000 mortgage for 30 years at an interest rate of 5% annually with monthly payments. Afer $ years, the borrower ecfinances the mortgage at a lower imerest rate of 3.54 for the remaining 22 years. What is the remaining balance on the mortgage affer 8 years? How much principal has boen paid off during the first 8 years? How much does refinancing sove the borrower in interest payments over the remaining 22 years?
A borrower originally took out a $ 5 0 0 , 0 0 0

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