Calculate the monthly payment for a 20 year mortgage on a farming operation in Gates County,...
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Calculate the monthly payment for a 20 year mortgage on a farming operation in Gates County, NC. The cost of the farm was $900,000 and you put 10 percent down. The bank is charging you 6 % interest, compounded monthly. Given the situation above, suppose that the interest rates drop to 5 % after five years. You can get a new 15 year mortgage for $2,000 fee at that new rate plus 2 points that you would have the bank finance. Should you refinance? What would your new payment be? Calculate the monthly payment for a 20 year mortgage on a farming operation in Gates County, NC. The cost of the farm was $900,000 and you put 10 percent down. The bank is charging you 6 % interest, compounded monthly. Given the situation above, suppose that the interest rates drop to 5 % after five years. You can get a new 15 year mortgage for $2,000 fee at that new rate plus 2 points that you would have the bank finance. Should you refinance? What would your new payment be?
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1 Time in years Cast of farm Interest rate 006 loan amount B3134 Down payme... View the full answer
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