A borrower has secured a 30 year, \( \$ 200,000 \) loan at \( 8 \% \) with monthly payments. Fifteen years later, the borrower has the opportunity to refinance with a fifteen year mortgage at \( 7.25 \% \). However, the up front fees, which will be paid in cash, are 52,500 . What is the return (annual rate) on investment if the borrower expects to remain in the home for the next fiteen years? \

answer choices

28.89%

15.74%

31.23%

22.62%

23.81%

answer choices above!