A homeowner took out a 30year fixedrate mortgage of $120,000. The mortgage was taken out 15 years
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A homeowner took out a 30year fixedrate mortgage of $120,000. The mortgage was taken out 15 years ago at a rate of 7.95 percent. If the homeowner refinances, the charges will be $2,000. What is the highest interest rate at which it would be beneficial to refinance the mortgage?
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Related Book For
Fundamentals of Investments Valuation and Management
ISBN: 9780078115660
7th edition
Authors: Bradford Jordan, Thomas Miller
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