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OpenStudy (anonymous):
Ken and Kim have obtained a 30-year, fixed rate mortgage for $625,250 with a 7.05% interest rate. They purchased 3 points and their rate is now 6.775%. Factoring in the cost of points, when is the break-even point on their mortgage? 4 years, 6 months 13 years, 7 months 12 years, 6 months 6 years, 0 months
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