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Barry and Bernice have obtained a 30-year, fixed-rate mortgage for $635,250 with a 7.35% interest rate. They purchased 2 points and their rate is now

Barry and Bernice have obtained a 30-year, fixed-rate mortgage for $635,250 with a 7.35% interest rate. They purchased 2 points and their rate is now 6.925%. Factoring in the cost of points, when is the break-even point on their mortgage?

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