What was the amount that was re-financed with second loan

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Reference no: EM131985793

You borrow $350,000 at 4.31% annual interest compounded monthly. The loan was to be paid off in equal monthly payments over 30 years. On the 10-year loan anniversary date after you make that monthly payment, you re-financed the remainder of the loan at 3.74% annual interest compounded monthly for 15 years with equal monthly payments.

What was the monthly payment amount for the initial loan?

What was the amount that was re-financed with the second loan?

How much total interest would have been paid over 30 years on the first loan if it had not been re-financed?

How much total interest was paid for the re-finance option (portion of the first loan and re-financed loan)?

Reference no: EM131985793

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