An investor obtained a fully amortizing mortgage five years ago for $95,000 at 11% for 30 years. Mortgage rates have dropped so that a fully amortizing 25-year loan can be obtained at 10%. There is no prepayment penalty on the mortgage balance of the original loan, but three points will be charged on the new loan and other closing costs will be $2,000. All payments are monthly. Now assume the investor will only hold the property for 5 more years after refinancing. What will the effective cost be for refinancing