You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your...

 

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You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2,279.47 and you have made every pay on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 5.625% (APR). How much do you owe on the mortgage today? (Note: Be careful not to round any intermediate steps less than six decimal places.) You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2,279.47 and you have made every pay on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 5.625% (APR). How much do you owe on the mortgage today? (Note: Be careful not to round any intermediate steps less than six decimal places.)

Answer rating: 100% (QA)

To calculate the outstanding balance on your mortgage today we need to account for the o... View the full answer