Kelly and DeAndre Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage payments by $87 a month and incur closing costs of $2,020 as a result of refinancing. How long will it take them to recover the cost of refinancing? How do I round the answer to nearest whole number? Recovery time = ______ months
Kelly and DeAndre Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage payments by $87 a month and incur closing costs of $2,020 as a result of refinancing. How long will it take them to recover the cost of refinancing? How do I round the answer to nearest whole number? Recovery time = ______ months
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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Kelly and DeAndre Browne plan to refinance their mortgage to obtain a lower interest rate. The Browns will reduce their mortgage payments by $87 a month and incur closing costs of $2,020 as a result of refinancing.
How long will it take them to recover the cost of refinancing?
How do I round the answer to nearest whole number?
Recovery time = ______ months
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