Question: 6 . Evaluating a Refinance Decision. Kelly and DeAndre Browne plan to refinance their mortgage to obtain a lower interest rate. They will reduce their

6 .

Evaluating a Refinance Decision. Kelly and DeAndre Browne plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $

83

a month. Their closing costs for refinancing will be $

1, 670 .

How long will it take them to recover the cost of refinancing?

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