A couple has a $420,000 mortgage amortized over 30 years with monthly payments. They chose...
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A couple has a $420,000 mortgage amortized over 30 years with monthly payments. They chose to lock in a rate of 12=4% for the first 5 years. Calculate their new monthly payment (rounded up to the next cent) if they refinance at 12-4.50% after the first 5 years are up. Your Answer: Answer Ace Industries borrowed $110,000 amortized over 10 years at a rate of 112=4.8% with monthly payments (rounded up to the next cent). Calculate their final payment. Your Answer: 1156.00
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