Problem 21-14 Mortgage Prepayments (LO2, CFA2) A homeowner took out a 20-year fixed-rate mortgage of $180,000. The mortg

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Problem 21-14 Mortgage Prepayments (LO2, CFA2) A homeowner took out a 20-year fixed-rate mortgage of $180,000. The mortg

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Problem 21 14 Mortgage Prepayments Lo2 Cfa2 A Homeowner Took Out A 20 Year Fixed Rate Mortgage Of 180 000 The Mortg 1
Problem 21 14 Mortgage Prepayments Lo2 Cfa2 A Homeowner Took Out A 20 Year Fixed Rate Mortgage Of 180 000 The Mortg 1 (68.19 KiB) Viewed 14 times
Problem 21-14 Mortgage Prepayments (LO2, CFA2) A homeowner took out a 20-year fixed-rate mortgage of $180,000. The mortgage was taken out 8 years ago at a rate of 6.6 percent. If the homeowner refinances, the charges will be $2,900. What is the highest interest rate at which it would be beneficial to refinance the mortgage? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) APR %
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