## Carol has had a $145,000 fixed-rate mortgage for 5 years at 6.25% and is considering refinancing. She can now get an 80/20 mortgage wi

Question

Carol has had a $145,000 fixed-rate mortgage for 5 years at 6.25% 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?

A. No; she has too much equity built up in the house.

B. No; the two blended interest rates are the same.

C. No; the new blended interest rate is higher than the old interest

rate.

D. Yes; the new blended interest rate is lower than the old blended

interest rate.

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Math
7 months
2021-10-07T09:55:04+00:00
2021-10-07T09:55:04+00:00 2 Answers
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## Answers ( )

Answer:No, the new blended interest rate is lower than the old blended interest rate.

Step-by-step explanation:A P E X

Answer:yes; the new blended interest rate is lower than the old blended interest rate

Step-by-step explanation: