A couple plans on refinancing their existing mortgage they, Financial Management

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A couple plans on refinancing their existing mortgage they

A couple plans on refinancing their existing mortgage. They currently owe $150,000 (which represents 70% of the value of the house) with 15 years left on the loan and monthly payments of $1300. A new loan will be financed at the 15 year fixed rate found in the WSJ. What will be the new monthly payments? How much equity will they have in the house 4 years from now if the price of the house doesn’t change over that time?

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