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A family borrows 250000 from a mortgage company the term of

A family borrows $250,000 from a mortgage company. The term of the mortgage is a 30-year fixed with a 4.85 % interest rate. What is the optimal time horizon for this family to refinance the balance of this loan with a new 30-year fixed mortgage at 3.9 %?

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Microeconomics: A family borrows 250000 from a mortgage company the term of

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