1. Evaluating a Refinance Decision. Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $83 a month. Their closing costs...

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1. Evaluating a Refinance Decision. Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $83 a month. Their closing costs for refinancing will be $1,670. How long will it take them to recover the cost of refinancing?

2. Saving for a Down Payment. In an attempt to have funds for a down payment, Jan Carlson plans to save $3,200 a year for the next five years. With an interest rate of 4 percent, what amount will Jan have available for a down payment after the five years?

Answered Same Day Dec 24, 2021

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Robert answered on Dec 24 2021

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1. Evaluating a Refinance Decision. Kelly and Tim Browne plan to refinance their mortgage to obtain a lower interest rate. They will reduce their mortgage payments by $83 a month. Their closing costs...

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