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How long will it take them to recover cost of refinancing

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a. Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $87 a month. Their closing costs for refinancing will be $1914. How long will it take them to recover the cost of refinancing?

b. What amount would a person with actual cash value (ACV) coverage receive for three-year-old furniture destroyed by a fire? The furniture would cost $2,200 to replace today and had an estimated life of eight years.

Reference no: EM133170245

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