Question: 7-10 Evaluating a Refinance Decision [LO4] Kelly and Tim Johnson plan to refinance their mortgage to obtain a lower interest rate. They will reduce their

7-10 Evaluating a Refinance Decision [LO4] Kelly and Tim Johnson plan

7-10 Evaluating a Refinance Decision [LO4] Kelly and Tim Johnson plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $129 a month. Their closing costs for refinancing will be $5,418. How long will it take them to cover the cost of refinancing? (Round up your answer to the next whole number.) Time period months

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