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Calculate their new monthly payment

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Question - A couple has a $420,000 mortgage amortized over 30 years with monthly payments. They chose to lock in a rate of j2=4% for the first 5 years. Calculate their new monthly payment (rounded up to the next cent) if they refinance atj2=5.50% after the first 5 years are up.

Reference no: EM132994011

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