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Asaf is considering refinancing his mortgage. He has 260 months left on his current loan at 5% interest and his current principal balance is $598262.
Asaf is considering refinancing his mortgage. He has 260 months left on his current loan at 5% interest and his current principal balance is $598262. The new rate available to him is 3.5%. However, to refinance, he would have to pay 1 point and $15,000 in closing costs. What are the total closing costs that Asaf would have to pay to get the new loan? State your answer as a positive number rounded to two decimal points (e.g. if the answer is $2345.123, write 2345.12)
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