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Suppose you are thinking of buying a home. You will need an $ 8 0 , 0 0 0 mortgage. You can obtain a 9

Suppose you are thinking of buying a home. You will need an $ $80, 000$ mortgage. You can obtain a $9 %$ rate on a $30$ year fixed rate mortgage with no points or you can obtain an $8 3 / 8 %$ rate by paying $2 5 / 8$ points. How many years until breakeven?

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Question

Suppose you are thinking of buying a home. You will need an $ 8 0 , 0 0 0 mortgage. You can obtain a 9

Suppose you are thinking of buying a home. You will need an $80,000 mortgage. You can obtain a 9% rate on a 30 year fixed rate mortgage with no points or you can obtain an 83/8% rate by paying 25/8 points. How many years until breakeven?

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Recommended Textbook for

Managerial Accounting Tools for business decision making

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Suppose you are thinking of buying a home. You will need an $ $80, 000$ mortgage. You can obtain a $9 %$ rate on a $30$ year fixed rate mortgage with no points or you can obtain an $8 3 / 8 %$ rate by paying $2 5 / 8$ points. How many years until breakeven?