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You got a $250,000 mortgage for your new home. This is a 20- year fixed...

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Accounting

You got a $250,000 mortgage for your new home. This is a 20- year fixed rate interest only mortgage with the rate at 9.00 %. You can pay 1.5 point to lower your mortgage rate to 8%. How long should you keep the house to make the point payment break even?

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