Homework Answers
Answer:-
Given the cost of refinancing = $ 2130
Reduction in mortgage payment per month = $ 164 /
month
The time period to recover the cost of refinancing =
Cost of refinancing / Reduction of payment per month
= $ 2130 / $ 164
= 12.98 months
Therefore the recovery time = 12.98 ~ 13 months (
approximately)
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