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28 October, 12:30

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.

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  1. 28 October, 15:32
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    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
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