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How long will it take them to recover the cost of refinancin

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Kelly and Tim Brown plan to refinance their mortgage for a lower interest rate. They will reduce their mortgage payment by $83 a month. 
Their closing cost for refinancing will be $1,670. How long will it take them to recover the cost of refinancing?

Reference no: EM131145211

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How long will it take them to recover the cost of refinancin : Kelly and Tim Brown plan to refinance their mortgage for a lower interest rate. They will reduce their mortgage payment by $83 a month. Their closing cost for refinancing will be $1,670. How long will it take them to recover the cost of refinancing?
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