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A homeowner took out a 25-year, fixed-rate mortgage of $300,000. The mortgage was taken out 10 years ago at a rate of 6.20 percent. If

A homeowner took out a 25-year, fixed-rate mortgage of $300,000. The mortgage was taken out 10 years ago at a rate of 6.20 percent. If the homeowner refinances, the charges will be $3,500. What is the highest interest rate at which it would be beneficial to refinance the mortgage?

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