Martha has seven years remaining on her $160,000 mortgage, which has a 7.5 percent rate. She would
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Martha has seven years remaining on her $160,000 mortgage, which has a 7.5 percent rate. She would have to pay $4,500 to refinance. Martha expects to live in the house for another five years. She is in the 33 percent marginal tax bracket and can earn 10 percent after tax on other uses for the money. If the mortgage rates have declined to 6.5 percent, should she refinance?
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Amount Explanation Cost to Refinance 4500 As given Yearly Tax Deductible Amount 300 4500 15 yrs Year...View the full answer
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