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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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