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Fixed Rate Mortgage Assignment | Homework For You

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June 8th, 2020
5. You originally borrowed $300,000 from a bank with an APR of 10% for a 30-year fixed rate mortgage with monthly payments. Five years later interest rates have fallen to an APR of 8% and you are considering refinancing the loan with a new 15-year fixed rate mortgage with monthly payments. Should you refinance? Justify your answer by calculating all appropriate metrics. (6 pts)Get Finance homework help todayHomework For You

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