A homeowner took out a 30-year fixed-rate mortgage of $120,000. The mortgage was taken out 15 years
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A homeowner took out a 30-year fixed-rate 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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Given Data Loan amount 120000 of years 30 of years lef...View the full answer
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Related Book For 
Fundamentals of Investments Valuation and Management
ISBN: 978-0078115660
7th edition
Authors: Bradford Jordan, Thomas Miller
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