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Ilya [14]
3 years ago
10

Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage pay

ments by $148 a month and incur closing costs of $2,500 as a result of refinancing. How long will it take them to recover the cost of refinancing?
Business
1 answer:
shtirl [24]3 years ago
6 0

Answer:

16.9 months

Explanation:

Recovery time = Refinancing cost / Monthly savings

= $2,500 / $148

= 16.9 months

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<span> </span>

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