If closing costs of $1,400 are associated with the refinance of a mortgage that would reduce the monthly payment from $980 to $870,it would take approximately ____ months to cover these costs.
A)6
B)9
C)13
D)17
E)22

Name: If closing costs of $1,400 are associated with the refinance of a mortgage that would reduce the monthly payment from $980 to $870,it would take approximately ____ months to cover these costs. A)6 B)9 C)13 D)17 E)22
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Question

Quizplus · Accepted Answer

1,400 / (980 F1F1F1S1F1F1F10 870) = 12.73 = 13 rounded.

If Closing Costs of $1,400 Are Associated with the Refinance