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Kelly and Tim Johnson plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $ 5 6

Kelly and Tim Johnson plan to refinance their mortgage to obtain a lower interest rate. They

will reduce their mortgage payments by $

56

a month. Their closing costs for refinancing will

be $

1, 670 . 5

Marks

How long will it take them to recover the cost of refinancing?

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