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How much are monthly mortgage payments

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Reference no: EM132943182

You are about to buy a home; the purchase price of the property is $240,000 and you are paying 10% of that amount as a down payment and financing the remainder. Your mortgage loan terms are 30 years of monthly payments at an annual rate of 5.76%.

Problem (a) How much are your monthly mortgage payments?

Problem (b) Over the life of the loan, how much did you pay in interest?

Problem (c) Now let's say that you took out this loan 3 years ago (36 payments). Today, you see that you qualify for a loan refinance at an APR of 3.36%. You decide to go for it. Considering the 3 years of payments you have made; how much do you still owe on your home?

Reference no: EM132943182

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