You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25% apr compounded monthly. after 5 years the interest rate drops to 4.75% apr compounded monthly. the bank is charging 2 points to originate the new loan. how many months do you need to stay in the house after the refinance to make the refinance a benefit (round to next month)?

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.