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A homeowner took out a 2 5 - year fixed - rate mortgage of $ 9 5 , 0 0 0 . The mortgage was

A homeowner took out a

25 -

year fixed

-

rate mortgage of $

95, 000 .

The mortgage was taken out

10

years ago at a rate of

7.7

percent. If the homeowner refinances, the charges will be $

1, 750 .

What is the highest interest rate at which it would be beneficial to refinance the mortgage?

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