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They decided to refinance the remaining loan balance

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A couple took out a 20-year mortgage for $219,236 at 8.4% compounded monthly. After they have made 10 years of payments (120 payments), they decided to refinance the remaining loan balance for 15 years at 4.8% interest, compounded monthly. What will be the balance on their lpan 5 years after they refinance?

The balance on their loan will be $__

(simplify your answer. Round to the nearest cent as needed). 

Reference no: EM131019054

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