Question: A homeowner took out a 2 0 - year fixed - rate mortgage of $ 1 7 5 , 0 0 0 . The mortgage

A homeowner took out a 20-year fixed-rate mortgage of $175,000. The mortgage was taken out 6 years ago at a rate of 6.75 percent.
If the homeowner refinances, the charges will be $3,050. What is the highest interest rate at which it would be beneficial to refinance
the mortgage?
Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.
APR
A homeowner took out a 20-year fixed-rate mortgage of $175,000. The

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