Question 3 0 / 1.67 pts Refinancing a Mortgage. Kevin Tutumbo of Terre Haute, Indiana,...
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Question 3 0 / 1.67 pts Refinancing a Mortgage. Kevin Tutumbo of Terre Haute, Indiana, has owned his home for 15 years and expects to live in it for a least five more. He originally borrowed $135,000 at 6 percent interest for 30 years to buy the home. He still owes $96,000 on the loan. Interest rates have since fallen to 4.5 percent, and Kevin is considering refinancing the loan for 15 years. He would have to pay 2 points on the new loan with no prepayment penalty on the current loan. a. What is Kevin's current monthly payment? (use Table 9-4) $809.39 $459.29 $776.27 $1,973.27
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