Pablo and Max received a 30-year mortgage for $201,000 at the APR of 11.4%, compounded monthly. After they had made 9 years of the payments (108 payments) they decided to refinance the remaining loan balance for 20 years at an APR of 5.3%, compounded monthly. What will be the balance on their loan 3 years after the refinance?

Pablo and Max received a 30-year mortgage for $201,000 at the APR of 11.4%, compounded monthly. After they had made 9 years of the payments (108 payments) they decided to refinance the remaining loan balance for 20 years at an APR of 5.3%, compounded monthly. What will be the balance on their loan 3 years after the refinance?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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