A homeowner took out a 25 year fixed rate mortgage of $185,000 The mortgage was taken out 8 years ago at a rate of 6 85 percent If the homeowner refinances, the charges will be $3,150 What is the highest interest rate at which it would be beneficial to refinance the mortgage (Do not round intermed...

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A homeowner took out a 25-year fixed-rate mortgage of $185,000. The mortgage was taken out 8...

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Fundamentals of Investments Valuation and Management

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Authors: Bradford D. Jordan, Thomas W. Miller

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A homeowner took out a 25-year fixed-rate mortgage of $185,000. The mortgage was taken out 8...

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Fundamentals of Investments Valuation and Management

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