Borrower Joe has an existing loan that requires 15 more years of monthly payments of $1,004. He
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Borrower Joe has an existing loan that requires 15 more years of monthly payments of $1,004. He is considering refinancing the loan balance of $117.095.08 with a new loan at the current market rate of 5.675% for 15-year loans. Both the old loan and the new loan require 2 points plus $500 in origination fees. What is the contract rate on the existing loan?
Related Book For
Construction accounting and financial management
ISBN: 978-0135017111
2nd Edition
Authors: Steven j. Peterson
Posted Date: