Question: You have a $ 1 2 0 , 0 0 0 , 3 0 - year mortgage for with a 4 . 2 % rate.

You have a $120,000,30-year mortgage for with a 4.2% rate.
A) What is your monthly payment? Show calculation and final answer.
B) Suppose you decide to pay $700 instead and you make this payment for one and a half years. Youre now trying to refinance. Whats the principal remaining on your mortgage?

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