Lenny and Lisa have obtained a 30-year, fixed rate mortgage for $675,250 with a 7.25% interest rate. They purchased 3 points and their rate is now 6.875%. Factoring in the cost of points, when is the break-even point on their mortgage?
3 years, 4 months
4 years, 5 months
8 years, 7 months
9 years, 11 months
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