4. Ten years ago, an investor purchased a $1.5 million parcel of land by putting 20% down and financing the rest using a 30 year loan with an annual rate of 5.8%. The property appreciates in value at a rate of 0.3% a month. Determine her monthly payments. Today the investor decides to refinance the loan using a 15 year rate of 3.2%. The refinancing has upfront costs of $10,000 which are added to the amount of the new loan. What are the new monthly payments? Calculate the IRR of refinancing the loan versus keeping the old payments. Assume she keeps the land for 30 years from the time of the original purchase. What upfront cost would make her indifferent between the old loan and the new loan