Question: 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

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?
A.
About 63 months
B.
About 42 months
C.
About 12 months
D.
About 21 months

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