. A borrower made a mortgage loan 5 years ago for $150,000 at 5.50% interest...
60.1K
Verified Solution
Link Copied!
Question
Finance
. A borrower made a mortgage loan 5 years ago for $150,000 at 5.50% interest for 30 years, monthly payments. The loan balance is now $138,691 and rates for this amount are currently 4.0% for 25 years. Origination fees and closing costs are $2,500 and closing costs are not financed by the lender. What is the effective cost of refinancing?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.