Business, 19.12.2021 17:00, sophiaa23

Suppose that five years ago you borrowed $500,000 using a 30-year fixed-rate mortgage with an annual interest rate of 7.00% with monthly payments and compounding. The interest rate on 30-year fixed-rate mortgages has fallen to 6.25% and you are wondering whether you should refinance the loan. Refinancing costs are expected to be 4% of the new loan amount. What is the net present value of refinancing if you make all of the scheduled payments on the new loan

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Suppose that five years ago you borrowed $500,000 using a 30-year fixed-rate mortgage with an annual...