Pamela has a 30-year, 5.75% mortgage on her $250,000 home. She has been paying on it for 5 years, and has recently hit some financial trouble. If her lender agreed to lower the interest rate on her $231,

Pamela has a 30-year, 5.75% mortgage on her $250,000 home. She has been

paying on it for 5 years, and has recently hit some financial trouble. If her
lender agreed to lower the interest rate on her $231,905.47 balance to 5.5%,
what will her new payment be for the remainder of the loan?

2 Answers

Pamela has a 30-year, 5.75% mortgage on her $250,000 home. She has been paying on it for 5 years, and has recently hit some financial trouble. If her lender agreed to lower the …

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