Question: House cost = $ 2 5 0 , 0 0 0 . 1 2 % down payment. 4 7 years mortgage. Bank interest rate is

House cost = $ 250,000.12% down payment. 47 years mortgage. Bank interest rate is 16%(r=16%). Tell me how much your biweekly payment will be. After 17 years the market interest rate becomes 5%(r-5%0). Because of the lower interest rate you would like to refinance your house with a lower interest rate and would like to pay back money to the bank weekly. Tell me how much your weekly payment will be

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