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A homeowner took out a 30-year fixed-rate mortgage of $170,000. The mortgage was taken out 20 years

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A homeowner took out a 30-year fixed-rate mortgage of $170,000. The mortgage was taken out 20 years ago at a rate of 7.95 percent. If the homeowner refinances, the charges will be $3,000. What is the highest interest rate at which it would be beneficial to refinance the mortgage?

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Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques. I am Master in Statistics from Indian Institute of Technology, Kanpur. I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
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