A borrower made a mortgage loan five years ago for $$225,000$ at $8\mathrm{.}50\%$ interest for $30$ years,

monthly payments. The loan balance is now $$214,853$ and rates for this amount are currently

$7\mathrm{.}0\%$ for $25$ years. Origination fees and closing costs are $$2,200$ and closing costs are not

financed by the lender. What is the effective cost of refinancing? Please solve using financial calculator keystrokes, i$.$e$.$ N$,$ PV$,$ I, FV$.$