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What would their annual savings be

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A. Doug and Lynn bought their home three years ago. They have a mortgage payment of ?$601.69 Interest rates have recently? fallen, and they can lower their mortgage payments to ?$491.31 if they refinance. What would their annual savings be if they? refinance? They are in a 12?% marginal tax rate bracket.

B. If the cost of refinancing their house is ?$3,860 how long would Doug and Lynn ( from question A) have to remain in their home in order to recover the? cost?

Reference no: EM133141564

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