7. A borrower has secured a 30 year, $100,000 loan at 8%. Fifteen years later, the borrower has the opportunity to refinance with a fifteen year mortgage at 7%. However, the up-front fees, which will be paid in cash, are $2,000. a. What is the monthly payment on the initial loan? b. What is the loan balance at the time of refinancing? c. What is the return on investment if the borrower expects to remain in the home for the next fifteen years after refinancing