and the current balance on the loan is $208,555.87. $2,785. The out-of-pocket costs must be paid in full at the time of refinancing. Build a spreadsheet model to evaluate this offer. The Excel function =PMT(rate,nper,pv,fv,type) calculates the payment for a loan based on constant payments and a constant interest rate. The arguments of this function are as follows. rate = the interest rate for the loan nper = the total number of payments pv= present value (the amount borrowed) fV= future value [the desired cash balance after the last payment (usually 0 )] type = payment type (0 end of period, 1 beginning of the period) monthly, the annual interest rate must be expressed as a monthly rate. Also, for payment calculations, we assume that the payment is made at the end of the month. (1+r)t1K where r is the monthly inflation rate. Assume that r=0.003 and that Dave and Jana make their payment at the end of each month. Use your model to calculate the savings in current dollars associated with the refinanced loan versus staying with the original loan. (Round your answer the nearest cent.)