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If closing costs of $1,400 are associated with the refinance of a mortgage that would reduce the monthly payment from $980 to $870 refinance, it would take approximately ___ months to cover these costs.

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Answer:

12.72 months

Explanation:

Data provided in the question

Closing cost = $1,400

Reduce the monthly payment from $980 to $870

So, by considering the above information, the number of months to cover these cost is

= Closing cost ÷ Difference in amount

where,

Difference in cost is

= $980 - $870

= $110

So, the number of months is

= $1,400 ÷ $110

= 12.72 months

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