7. Evaluating a Refinance Decision. Kelly and Tim Browne plan to refinance their mortgage to obtain a
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7. Evaluating a Refinance Decision. Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $83 a month. Their closing costs for refinancing will be $1,670. How long will it take them to recover the cost of refinancing? (Obj. 4)
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