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KIC000088 - ‘0‘“ Quick Quiz I You purchase a $300,000...

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Unformatted text preview: ‘0‘“ Quick Quiz I You purchase a $300,000 town home and you pay 30% down. You obtain a 30 year fixed rate mortgage with an annual interest rate of 6%. 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 (to the nearest dollar)? ‘PMT: lHZm, ...
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