If a current mortgage payment of $4500 per month can be reduced to $3100 per month by refinancing, how many months would you need to remain in the house to recoup refinancing charges of $18,500? (Round up to the nearest month.)
If a current mortgage payment of $4500 per month can be reduced to $3100 per month by refinancing, how many months would you need to remain in the house to recoup refinancing charges of $18,500? (Round up to the nearest month.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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REFINANCNG. If a current mortgage payment of $4500 per month can
be reduced to $3100 per month by refinancing, how many months would you
need to remain in the house to recoup refinancing charges of $18,500? (Round
up to the nearest month.)
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