12. A couple took out a $400,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments a

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12. A couple took out a $400,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments a

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12 A Couple Took Out A 400 000 00 Mortgage Ten Years Ago The Original Terms Called For 30 Years Of Monthly Payments A 1
12 A Couple Took Out A 400 000 00 Mortgage Ten Years Ago The Original Terms Called For 30 Years Of Monthly Payments A 1 (40.66 KiB) Viewed 26 times
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12. A couple took out a $400,000.00 mortgage ten years ago. The original terms called for 30 years of monthly payments at a 6% APR. They have made all payments over the last ten years and are considering re-financing their mortgage. The couple has been offered a chance to re-finance their mortgage balance at the lower rate of 3.60% APR with monthly compounding. If they decide to make monthly payments of $1,817.33, how long will it take them to pay down their mortgage? a. 20.43 years b. 24.84 years 22.37 years C. d. e. 26.11 years None of the above
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