A borrower made a mortgage loan 7 years ago for $160,000 at 10.25% interest for 30 years. The loan balance is now $151,806.62 and rates for this amount are currently 9.0% for 23 years. Origination fees and closing costs are $4,500 and closing costs are not financed by the lender. What is the effective cost of refinancing
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A borrower made a mortgage loan 7 years ago for $160,000 at 10.25% interest for 30 years. The loan balance is now $151,806.62 and rates for ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The value of a product minus the costs of raw materials and energy is
Answers (1)
Which of the following statements is most correct? Select one: a. The primary goal of a publicly-owned firm is serving its managers. b. An IPO is an example of a secondary market transaction. c.
Answers (2)
What is the effect of political institutions on economic performance?
Answers (1)
Suppose that M = 300, P = 100, and Y = 6. Then the velocity of circulation equals Select one: a. 2.00. b. 3.00. c. 50 d. 0.50. e. 0.02.
Answers (1)
The tax burden falls more heavily on the side of the market that is more inelastic. a. true b. false
Answers (1)
New Questions in Business
A fire destroys all of the merchandise of Coronado Company on February 10, 2017. Presented below is information compiled up to the date of the fire: Inventory, January 1, 2017 $423,300 Sales revenue to February 10, 2017 1,924,500 Purchases to
Answers (1)
How should you use operating costs when calculating incremental cash flows? Group of answer choices: A. Do not subtract operating costs, and then subtract taxes on operating income before operating costs. B. Subtract operating costs. C.
Answers (1)
The following selected data are from a recent statement of cash flows: Net cash flow from operating activities $ 35,000 Net cash flow used for investing activities (20,000) Net cash flow used for financing activities 60,000 Ending cash balance
Answers (1)
Gates Corporation reported the following information concerning its direct materials: Direct materials purchased (actual) $ 673,000 Standard cost of materials purchased $ 688,000 Standard price times actual amount of materials used $ 444,000 Actual
Answers (1)
how fiscal policy can be used to slow down an economy that is growing at a rate faster than what is sustainable in the long-term if the policy makers are concerned that such a high growth may create undesirably high rates of inflation in the future.
Answers (1)