Question: Problem 9 - 8 Evaluating a Refinance Decision [ LO 9 - 4 ] Kelly and DeAndre Browne plan to refinance their mortgage to obtain

Problem 9-8 Evaluating a Refinance Decision [LO9-4]
Kelly and DeAndre Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage
payments by $173 a month and incur closing costs of $2,020 as a result of refinancing.
How long will it take them to recover the cost of refinancing?
Note: Round your answer to nearest whole number.
Problem 9-8 Evaluating a Refinance Decision [LO9-4] Kelly and DeAndre Browne

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