Jeremy has a 25 year mortgage for 165 000 at 402 annual, Financial Management

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Jeremy has a 25 year mortgage for 165 000 at 402 annual

Jeremy has a 25 year mortgage for $165, 000 at 4.02% annual interest compounded monthly: (a) What are the monthly payments on the loan? (b) What is the unpaid balance on the loan after 6 years? (c) After 6 years Jeremy is able to refinance the remaining balance on his mortgage with a new 15 year mortgage at 3.05% annual interest compounded monthly. What are his new monthly payments? (d) How much did Jeremy save by refinancing this loan?

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