Question
A homeowner took out a 20-year fixed-rate mortgage of $175,000. The mortgage was taken out 6 years ago at a rate of 6.75 percent. If
A homeowner took out a 20-year fixed-rate mortgage of $175,000. The mortgage was taken out 6 years ago at a rate of 6.75 percent. If the homeowner refinances, the charges will be $3,050. What is the highest interest rate at which it would be beneficial to refinance the mortgage?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
APR: _____%
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Using Microsoft Excel and Access 2016 for Accounting
Authors: Glenn Owen
5th edition
1337109048, 1337109045, 1337342149, 9781337342148 , 978-1337109048
