Five years ago you took out a 30-year mortgage with an APR of 6.5% for $200,000. If you were torefinance the mortgage today for 20 years at an APR of 4.25%, how much would you save in total interest expense?
A) $176,846
B) $151,696
C) $100,998
D) $75,848
Correct Answer:
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Q2: Which of the following formulas gives you
Q3: What is the effective annual rate (EAR)?
A)
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