Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage payments by $88 a month and incur closing costs of $2,360 as a result of refinancing. How long will it take them to recover the cost of refinancing? (Round your answer to 1 decimal place.) Recovery time months

Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage payments by $88 a month and incur closing costs of $2,360 as a result of refinancing. How long will it take them to recover the cost of refinancing? (Round your answer to 1 decimal place.) Recovery time months

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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