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Unformatted text preview: .630 = 630 You currently have a 20 year mortgage and have made payments for the last 5 years. The interest rate on the mortgage is 8% and interest payments are made annually. Your current annual payment is 12,325 per year. You want to refinance this mortgage as you can now get a rate of 6%. What is the amount that you are going to refinance? 12325 x 8.559 = 105,489.67...
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- Spring '10