A homeowner made a mortgage loan ten years ago for $225,000 at 9.0% for 30 years. Today the rate on 20-year mortgages is 7.75%. To refinance, the borrower discovers that financing fees would be $3,200. What is the return on the investment if the borrower plans to stay in the house for the next 20 years? The borrower plans to refinance the current outstanding balance.

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