Problem 2114 Mortgage Prepayments (LO2, CFA2) A homeowner took out a 30year fixedrate mortgage of $155,000....
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Problem 2114 Mortgage Prepayments (LO2, CFA2) A homeowner took out a 30year fixedrate mortgage of $155,000. The mortgage was taken out 8 years ago at a rate of 8.3 percent. If the homeowner refinances, the charges will be $2,650. 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 % Problem 2114 Mortgage Prepayments (LO2, CFA2) A homeowner took out a 30year fixedrate mortgage of $155,000. The mortgage was taken out 8 years ago at a rate of 8.3 percent. If the homeowner refinances, the charges will be $2,650. 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 %
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