A bank has agreed to lend you $53,000 for a home loan. The loan will be fully amortized over 39 years at 13.50%, with .44 points. The loan payments will be monthly. The closing cost is estimated to be $3,894 and you plan to refinance the mortgage in 8 years. Calculate the book value at the end of the 8th year.
a. $57,222.99
b. $56,749.94
c. $56,613.10
d. $56,556.08
e. None of the answers are correct
