Ask Question
15 January, 16:56

If closing costs of $1,400 are associated with the refinance of a mortgage that would reduce the monthly payment from $980 to $870 refinance, it would take approximately ___ months to cover these costs.

+5
Answers (1)
  1. 15 January, 17:00
    0
    12.72 months

    Explanation:

    Data provided in the question

    Closing cost = $1,400

    Reduce the monthly payment from $980 to $870

    So, by considering the above information, the number of months to cover these cost is

    = Closing cost : Difference in amount

    where,

    Difference in cost is

    = $980 - $870

    = $110

    So, the number of months is

    = $1,400 : $110

    = 12.72 months
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If closing costs of $1,400 are associated with the refinance of a mortgage that would reduce the monthly payment from $980 to $870 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers