You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $1885, and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly 4 years and 8 months old. You have just made your monthly payment. The mortgage interest rate is 6.308% (APR with semi-annual compounding). How much do you owe on the mortgage today? (Note: Be careful not to round any intermediate steps less than six decimal places.) The monthly discount rate is 0.51889%. (Round to five decimal places.) The amount you owe today is $ 28834 (Round to the nearest dollar.)
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To calculate the monthly interest rate, divide the annual interest rate by 12. Monthly interest rate = 6.308% / 12 = 0.52567% (rounded to five decimal places) Show more…
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