A homeowner took out a 25-year fixed-rate mortgage of $205,000. The mortgage was
- bigprojectx
- May 6, 2022
- 1 min read
A homeowner took out a 25-year fixed-rate mortgage of $205,000. The mortgage was taken out 7 years ago at a rate of 7.05 percent. If the homeowner refinances, the charges will be $3,350. What is the highest interest rate at which it would be beneficial to refinance the mortgage?
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