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Refinancing Mr. Antonio Rojas took out a mortgage of $100,000 @ 30 years @ 8.5%. Today, five years later, the interest rate has dropped to 6.5%. Mr. Rojas wants you to advise him if he should refinance or not. If you refinance, there is a 2% penalty and a refinancing fee of $3,000. What do you advise? Tip: Calculate the savings for refinancing, the cost for refinancing, how much the costs for refinancing "cost" you in percentage terms and what you advise Mr. Rojas to do. Refinancing Mr. Antonio Rojas took out a mortgage of $100,000 @ 30 years @ 8.5%. Today, five years later, the interest rate has dropped to 6.5%. Mr. Rojas wants you to advise him if he should refinance or not. If you refinance, there is a 2% penalty and a refinancing fee of $3,000. What do you advise? Tip: Calculate the savings for refinancing, the cost for refinancing, how much the costs for refinancing "cost" you in percentage terms and what you advise Mr. Rojas to do