Alex borrows a housing loan of $500,000 from Triple Bank to be repaid by monthly payments over 20 years at nominal rate of interest 4% compounded monthly. After 24 payments Win Bank offers Alex a loan to be repaid over the same period at nominal rate of interest 3.5% compounded monthly. However, if Alex wants to refinance the loan he has to pay Triple Bank a penalty equal to 1.5% of the outstanding loan balance. If there are no other re-financing costs, should the man re-finance the loan? Hint: Try to compare the amount of each payment for Triple Bank and the amount of each payment for Win Bank if Alex decide to re-finance (borrow money from Win Bank to repay the loan from Triple Bank completely).