Question
A homeowner took out a 15-year fixed-rate mortgage of $160,000. The mortgage was taken out 5 years ago at a rate of 8 percent. If
A homeowner took out a 15-year fixed-rate mortgage of $160,000. The mortgage was taken out 5 years ago at a rate of 8 percent. If the homeowner refinances, the charges will be $1,200. What is the highest interest rate at which it would be beneficial to refinance the mortgage?
what is APR:
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Investments
Authors: Zvi Bodie, Alan J. Marcus, Alex Kane
6th Edition
0072861789, 9780072861785
