Suppose a homeowner has an existing mortgage loans with these terms:
Remaining Balance:...
Business, 18.03.2020 01:27 taylabrown2013
Suppose a homeowner has an existing mortgage loans with these terms:
Remaining Balance: $150,000
Interest Rate: 8%
Remaining Term: 10 years (monthly payments)
This loan can be replaced by a loan at an interest rate of 6%, at a cost of 3% of the outstanding loan amount.
What is the net benefit(cost) to refinance?
Answers: 2
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