Determine how much do you owe on the mortgage

Reference no: EM131965955

Question: You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $1.850 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 6.250% (APR). How much do you owe on the mortgage today?

Reference no: EM131965955

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