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Suppose that interest rates have dropped. You call your bank and inquire about refinancing at the lower rate. Suppose that the closing costs on refinancing

Suppose that interest rates have dropped.  You call your bank and inquire about refinancing at the lower rate.  Suppose that the closing costs on refinancing your home amount to $3,000.  Because of refinancing, your mortgage payment will be reduced by $136.   If you plan on living in your house for three more years, does it make sense for you to refinance?  Why?

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