Register
Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage payments by $148 a month and incur closing costs of $2,500 as a result of refinancing.
159k views
5 votes
Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage payments by $148 a month and incur closing costs of $2,500 as a result of refinancing. How long will it take them to recover the cost of refinancing?

User Randallmeadows
by
6.5k points

1 Answer

5 votes

Answer:

16.9 months

Step-by-step explanation:

Recovery time = Refinancing cost / Monthly savings

= $2,500 / $148

= 16.9 months

User Hinotf
by
5.6k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.5m questions

8.7m answers

Other Questions

One reason that businesses want to combine with other businesses is to A. avoid taxes. B. delay expenses. C. hire more workers. D. reduce expenses.
Which of the following possesses the sole power to create revenue bills?
Which of the following is an example of a fixed expense? A.) Clothing B.) Rent C.) Food D.) Entertainment
A ______ is "the basic interpretive mechanism to let people know what an organization is doing and are sent out to editors and reporters in hopes of stimulating favorable stories about their organizations"
All of the following are fees typically charged by credit card companies EXCEPT: A. Late payment fee B. Balance Transfer fee C. Annual membership fee D. Reload fee
Link Copied!