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Consider a 20-year, $185,000 mortgage with a rate of 6.35 percent. Five years into the mortgage, rates have fallen to 5.05 percent. Suppose the transaction
Consider a 20-year, $185,000 mortgage with a rate of 6.35 percent. Five years into the mortgage, rates have fallen to 5.05 percent. Suppose the transaction cost of obtaining a new mortgage is $1,950. Quantify the effect of the homeowner's decision
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Personal Finance
Authors: Jeff Madura
5th edition
132994348, 978-0132994347
