What was annual mortgage payment

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Brian mortgaged $200,000 on his house 10 years ago. The mortgage was 25-year fixed rate at 8%. He realizes today that a refinance opportunity is available at 5% for the rest of his mortgage. Assume there are no additional fees. For simplicity, assume annual mortgage payment.

What was Brian’s annual mortgage payment?

If he took the refinance opportunity, what is his new annual mortgage payment?

Reference no: EM131082944

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