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

question 21

Multiple Choice

Five years ago you took out a 30-year mortgage with a quoted APR of 6.5% for $200,000.If you were to refinance the mortgage today for 20 years at a quoted APR of 4.25%,how much would you save in total interest expense?

• A)$176,846
• B)$75,848
• C)$151,696
• D)$98,770
• E)$108,340

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