5 years ago, Jimmie borrowed $281,900 to purchase a house in Sandy Lake. At the time,...
5 years ago, Jimmie borrowed $281,900 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 6 percent, the amortization period was 25 years, the term was 5 years, and the payments were made monthly. Now that the term of the mortgage is complete, Jimmie must renegotiate his mortgage. If the current market rate for mortgages is 7 percent. What is Jimmie’s new monthly payment? (Round effective monthly rate to 6 decimal places, e.g. 25.125412% and final answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.)
New monthly payment
Homework Answers
New monthly payment= $1965.53
Calculation as follows:
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5 years ago, Jimmie borrowed $281,900 to purchase a house in
Sandy Lake. At the time,...
5 years ago, Jimmie borrowed $281,900 to purchase a house in Sandy Lake. At the time,...
5 years ago, Jimmie borrowed $281,900 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 6 percent, the amortization period was 25 years, the term was 5 years, and the payments were made monthly. Now that the term of the mortgage is complete, Jimmie must renegotiate his mortgage. If the current market rate for mortgages is 7 percent. What is Jimmie’s new monthly payment? (Round effective monthly rate to 6 decimal places,...
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