15. Mortgage Prepayments (LO2, CFA2) A homeowner took out a 30-year fixed-rate mortgage of $120,000. The mortgage
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15. Mortgage Prepayments (LO2, CFA2) A homeowner took out a 30-year fixed-rate mortgage of
$120,000. The mortgage was taken out 15 years ago at a rate of 7.95 percent. If the homeowner refinances, the charges will be $2,000. What is the highest interest rate at which it would be beneficial to refinance the mortgage?
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Related Book For 
Fundamentals Of Investments Valuation And Management
ISBN: 9781260013979
9th Edition
Authors: Bradford Jordan, Thomas Miller, Steve Dolvin
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