Question
A homeowner took out a 30-year fixed-rate mortgage of $140,000. The mortgage was taken out 18 years ago at a rate of 8.45 percent. If
A homeowner took out a 30-year fixed-rate mortgage of $140,000. The mortgage was taken out 18 years ago at a rate of 8.45 percent. If the homeowner refinances, the charges will be $2,500. What is the highest interest rate at which it would be beneficial to refinance the mortgage?
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Focus On Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert Hughes, Melissa Hart
6th Edition
125991965X, 978-1259919657
