Will purchased a $175,000 home with a 7/23 balloon mortgage. His initial rate was 3.5%. At the end of the initial rate, he decided to refinance the balloon payment with a 30-year mortgage fixed at 5%.

Will purchased a $175,000 home with a 7/23 balloon mortgage. His initial

rate was 3.5%. At the end of the initial rate, he decided to refinance the
balloon payment with a 30-year mortgage fixed at 5%. What is his new
mortgage payment?
O A. $797.63
O B. $707.23
O C. $798.94
O D. $754.87

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Will purchased a $175,000 home with a 7/23 balloon mortgage. His initial rate was 3.5%. At the end of the initial rate, he decided to refinance the balloon payment with a 30-yea…

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