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The mortgage on your house is five years old. It required monthly payments of $2300,...

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Finance

The mortgage on your house is five years old. It required monthly payments of $2300, had an original term of 30 years, and had an interest rate of 9% (APR).

You have decided to refinance. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 3% (APR).

What monthly repayments will be required with the new loan?

Group of answer choices

1203

1300

1423

1156

Answer & Explanation Solved by verified expert
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