107k views
5 votes
ive years ago, John borrowed $360,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 6 percent, the amortization period was 25 years, the term was 5 years, and the payments were made monthly. Now that the term of the mortgage is complete, John must renegotiate his mortgage. If the current market rate for mortgages is 8 percent, what is John's new monthly payment? (Round effective monthly rote to 6 decimal places, eg 25.125412% and final answer to 2 decimal places, es 125.12. Do not round your intermediate calculations.) New monthly payment 3205.67

User Tallboy
by
8.4k points

1 Answer

7 votes

Answer:


2x + 3y - 3x = 10

User Joakimja
by
8.5k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.