If a current mortgage payment of $792 per month can be reduced to $578 per month by refinancing, how many months would you need to remain in the house to recoup refinancing charges of $3,784? (round up to the nearest month.)

As we can see after cancel the units we got 17.682 months that can be rounded up to approximately 18 months

Step-by-step explanation:

Notation

current mortgage payment

reduced mortgage payment

R= 3784 represent the rfinancing charges

Solution to the problem

In order to solve this question we need to find first the difference between the two mortgage payments like this:

And then since the refinancing charges is $3784 we can find the number of months that we will need to remain in the house like this:

As we can see after cancel the units we got 17.682 months that can be rounded up to approximately 18 months

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