Question: Please solve without excel, I cannot use excel in this class 16. Suppose you decide to buy a $200,000 condo. You make a 10% down

Please solve without excel, I cannot use excel in this class

16. Suppose you decide to buy a $200,000 condo. You make a 10% down payment and take out a 30- year fixed-rate mortgage at 6%. a) What is your monthly payment? b) Suppose in three years the rate for a 15-year fixed rate mortgage is 5%. What would your new monthly payment be if you decided to refinance then

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