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3. Your parents bought a home 15 years ago and have a mortgage rate of 9% on their $150,000 mortgage with a 30 -year term.

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3. Your parents bought a home 15 years ago and have a mortgage rate of 9% on their $150,000 mortgage with a 30 -year term. Today they could refinance into a new 15 year mortgage at a rate of 7%. Refinancing will cost $2500. a. Should they refinance if they plan to stay in the home for an additional 15 years? b. Should they refinance if they may only stay in the home for 5 more years

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