A couple took out a 20-year mortgage for 219236 at 84, Accounting Basics

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A couple took out a 20-year mortgage for 219236 at 84

A couple took out a 20-year mortgage for $219,236 at 8.4% compounded monthly. After they have made 10 years of payments (120 payments), they decided to refinance the remaining loan balance for 15 years at 4.8% interest, compounded monthly. What will be the balance on their lpan 5 years after they refinance?

The balance on their loan will be $__

(simplify your answer. Round to the nearest cent as needed).

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Accounting Basics: A couple took out a 20-year mortgage for 219236 at 84

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Accounting Basics: A couple took out a 20-year mortgage for 219236 at 84

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