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annual interest rate

/in /by

Question

Suppose you take out a 30-year mortgage for $205642 at an annual interest rate

of 6.6%. After 10 years, you refinance to an annual rate of 4.4%. When there are 9 years left on the loan, you refinance again to an annual rate of 2.9%. What are your monthly payments for the last 9 years?

 
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