A homeowner took out a 20 - year fixed - rate mortgage of S175, 000. Themortgage was taken out 7 years ago at a rate of 6.75 percent. If thehomeowner refinances, the charges will be S2, 850 . What is the highestinterest rate at which it would be beneficial to refinance the mortgage?Note: Do not round intermediate calculations. Enter your answer as apercent rounded to 2 decimal places. What is the APR %

A homeowner took out a 20 - year fixed - rate mortgage of S175, 000. Themortgage was taken out 7 years ago at a rate of 6.75 percent. If thehomeowner refinances, the charges will be S2, 850 . What is the highestinterest rate at which it would be beneficial to refinance the mortgage?Note: Do not round intermediate calculations. Enter your answer as apercent rounded to 2 decimal places. What is the APR %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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