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The figure below shows costs for a current home mortgage versus a refinanced home mortgage. Refinancing has initial costs but results in a lower monthly payment. Which best describes the lines?



  1. The blue line is for refinancing ,which is always cheaper.
  2. The red line is for refinancing, which is always cheaper.
  3. The blue line is for the current mortgage, which is always more expensive.
  4. The red line represents refinancing, which cheaper after 6 months. 

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