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MAT 104 Algebra with Applications

A course on algebra with applications, focusing on practical problems and solutions.

Lily Green
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MAT 104 Algebra with Applications
Using the loan balance of $125,911.86 at a 5.6% interest rate for 20 years, calculate the monthly
payment. Compare this payment to your current monthly payment to assess whether refinancing
would reduce costs. Also, analyze the impact of refinancing the loan over 25 years at a reduced
interest rate, considering the new monthly payments. Based on your calculations, recommend the
best option: refinancing or continuing with the current loan terms.
Word Count Requirement: 250-300 words
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University
Pace University
Subject
Mathematics

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