Question

Carol has had a $145,000 fixed mortgage for 5 years at 5.5% and is

considering refinancing. She can now get an 80/20 mortgage with 4.5% and
9.5% interest, respectively. Based only on this information, should she
refinance?

Answer 1

no, the new blended rate is higher than the old interest rate

Explanation:

bc i said so

Answer 2

Answer: no the two blended interest rates are the same

Explanation: