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  3. consider a 20-year mortgage for $282845 at an annu

Consider a 20-year mortgage for $282845 at an annual interest rate of 4.1%. After 6 years,...

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Advance Math

Consider a 20-year mortgage for $282845 at an annual interestrate of 4.1%. After 6 years, the mortgage is refinanced to anannual interest rate of 2.5%. What are the monthly payments afterrefinancing?

Answer & Explanation Solved by verified expert
3.9 Ratings (777 Votes)
According to given information first we need find the monthly payment Principal amount P 282845 Period t 20 x 12 240 monthly payments Rate of interest r 41 Rate of interest r 41 100 0041 004112 000341667 Now we can use the below formula to find the monthly payment PMT PMT p x r    See Answer
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