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Evaluating a refinance decision

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Reference no: EM132544233

Question 1: Evaluating a Refinance Decision: 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. How long will it take them to recover the cost of refinancing?

Reference no: EM132544233

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