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  3. you purchase a $350,000 town home and you pay 25%

You purchase a $350,000 town home and you pay 25% down. You obtain a 30...

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You purchase a $350,000 town home and you pay 25% down. You obtain a 30 year fixed rate mortgage with an annual interest rate of 6.25%. After 5 years you refinance the mortgage for 25 years at a 5% annual interest rate. After you refinance what is the new monthly payment? 3

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