Five Years Ago You Took Out a 30-Year Mortgage with an APR

question 25

Multiple Choice

Five years ago you took out a 30-year mortgage with an APR of 6.5% for $200,000.If you were to refinance 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)$75,848
• C)$151,696
• D)$100,998

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