A borrower made a mortgage loan 7 years ago for $160,000 at 10.25% interest for 30 years. The loan balance is now $151,806.62 and rates 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?

A. 28.73%

B. 34.48%

C. 31.95%

D. 29.02%