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What is the payback period for refinancing this loan

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Question - Eric Mathis is considering refinancing his home mortgage to reduce his house payment by $80 per month. Closing costs associated with the refinancing will total $4,720. Eric will finish graduate school in 2 years, at which time he will sell the house and move to another state.

What is the payback period for refinancing this loan?

Reference no: EM132106600

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