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Business, 05.11.2020 18:50 JOEFRESH10

You purchase a $325,000 town home and you pay 25% down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 5.75%. After 5 years you refinance the mortgage for 25 years at a 5.1% annual interest rate. After you refinance, what is the new monthly payment (to the nearest dollar)? A. $1,422
B. $1,401
C. $1,366
D. $1,335
E. $1,296

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