What is the monthly payment on the original loan

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Reference no: EM132063903

10 years ago, a fixed rate mortgage for $ 300,000 was issued which would fully amortize monthly in 20 years. The contract rate was 8%. Refinancing costs $3,000 Now the rates have fallen to 7.75%.

• What is the monthly payment on the original loan? • What is the loan balance? • What is the monthly payment if refinanced?

Reference no: EM132063903

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