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 5.75 percent. After five years you refinance the mortgage for 25 years at a 5.1 percent annual interest rate. After you refinance, what is the new monthly payment (to the nearest dollar)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “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 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 19,600 units.
Answers (1)
When the Fed uses monetary policy targets, they cannot use both a money supply target and an interest rate target at the same time because A. It is easier for the Fed to keep track of, and influence, the interest rate B.
Answers (1)
What payment needs to be made to the lender before it closes the file and issues a check for the payment of the house? A. Nonrecurring fees B. Home fees C. Closing costs D. Recurring fees
Answers (1)
A married couple filing their federal income tax return jointly had a taxable income of $62,100. according to the table below, how much of that income will they have left over after paying their federal income tax? a. $8480.00 b. $6810.00 c. $53,620.
Answers (1)
You want to purchase a motorcycle 4 years from now, and you plan to save $3,500 per year, beginning immediately. You will make 4 deposits in an account that pays 5.7% interest. Under these assumptions, how much will you have 4 years from today? a.
Answers (1)
New Questions in Business
The management of Woznick Corporation has been concerned for some time with the financial performance of its product V86O and has considered discontinuing it on several occasions. Data from the company's accounting system appear below: Sales ...
Answers (1)
Label the following scenarios as examples of elastic, inelastic, or unit elastic demand. a. When Ruko, a device used to stream movies at home, increases prices by 57% total revenue decreases by 67%. b.
Answers (1)
You are trying to choose between purchasing one of two machines for a factory. Machine A costs $15,500 to purchase and has a three-year life. Machine B costs $17,400 to purchase but has a four-year life.
Answers (1)
During the year, Next Tec Corp. had the following cash flows: receipt from customers, $20,000; receipt from the bank for long-term borrowing, $6,400; payment to suppliers, $5,600; payment of dividends, $2,000, payment to workers, $2,500;
Answers (2)
A PBX is a telephone switching exchange that serves a single organization, enabling users to share a certain number of outside lines (trunk lines) to make telephone calls to people outside the organization. True or False?
Answers (1)