A borrower made a mortgage loan 7 years ago for $160,000 at 10.25% for this amount are currently 9.0% for 23 years. Origination fees and closing costs are $4,500 and closing costs are not financed by the lender. What is the cost of refinancing in terms of APR if the borrower will not re-finance anymore and will stay in the home for the next 23 years? 28.73% 34.48% 31.95% 29.02%