Suppose you own your home, which you purchased 10 years ago with a 30-year FRM...
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Suppose you own your home, which you purchased 10 years ago with a 30-year FRM at an annual interest rate of 6.5%. Recently, mortgage interest rates have fallen to 3.5%. Youre considering refinancing your home to take advantage of the lower interest rate. What additional information would you need to determine whether it makes financial sense to refinance? Briefly describe how you would make this assessment.
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