You purchase a $325,000 town home and you pay 25 percent down. You obtain a...
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- You purchase a $325,000 town home and you pay 25 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 5.85 percent and monthly payments. After five years you refinance the mortgage for 25 years at a 4.25 percent annual interest rate. After you refinance, what is the new monthly payment (to the nearest dollar)?
A) $1,422
B) $1,401
C) $1,226
E) $1,296
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