An investor obtained a fully amortizing mortgoge flve years ogo for $95,500 at 11 percent for 30 year5. Mortgage rates have dropped, so that a fully amortizing 25 year loan can be obtained of 10 percent. There is no prepayment penalty on the mortgage balance of the original loan, but 3 polnts wili be charged on the new loan and other closing costs will be $2,000. All payments are monthly, Assume that the investor borrows only on omount equat to the outstanding bolance of the loan. Requifed: a. Should the borrower refinance if he plans to own the property for the remaining loan term? b. Should the borrower refinance if he planned to own the property for onty flve more years