MetaJia Ma purchased a condominium 5 years ago for $195,000, paying $1,485.38 per month on...
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MetaJia Ma purchased a condominium years ago for $ paying $ per month on her $ percent, year mortgage. The current loan balance is $ Recently, interest rates dropped sharply, causing Jia to consider refinancing her condo at the prevailing rate of percent. She expects to remain in the condo for at least more years and has found a lender that will make a percent, year, $ loan, requiring monthly payments of $ Although there is no prepayment penalty on her current mortgage, Jia will have to pay $ in closing costs on the new mortgage. She is in the percent tax bracket. Based on this information, use the mortgage refinancing analysis form in Worksheet to determine whether she should refinance her mortgage under the specified terms. Assume that Jia is assumed to take the standard deduction. She Select refinance her mortgage under the specified terms.
MetaJia Ma purchased a condominium years ago for $ paying $ per month on her $ percent, year mortgage. The current loan balance is $ Recently, interest rates dropped sharply, causing Jia to consider refinancing her condo at the prevailing rate of percent. She expects to remain in the condo for at least more years and has found a lender that will make a percent, year, $ loan, requiring monthly payments of $ Although there is no prepayment penalty on her current mortgage, Jia will have to pay $ in closing costs on the new mortgage. She is in the percent tax bracket. Based on this information, use the mortgage refinancing analysis form in Worksheet to determine whether she should refinance her mortgage under the specified terms. Assume that Jia is assumed to take the standard deduction.
She
Select
refinance her mortgage under the specified terms.
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