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A borrower made a mortgage loan five years ago for $ 2 2 5 , 0 0 0 at 8 . 5 0 % interest
A borrower made a mortgage loan five years ago for $ at interest for years,
monthly payments. The loan balance is now $ and rates for this amount are currently
for years. Origination fees and closing costs are $ and closing costs are not
financed by the lender. What is the effective cost of refinancing? Please solve using financial calculator keystrokes, ie N PV I, FV
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