Consider a 20-year, $185,000 mortgage with a rate of 6.35 percent. Five years into the mortgage, rates have fallen to 5.05 percent. Suppose the transaction cost of obtaining a new mortgage is $1,950. a. Should the homeowner refinance at the lower rate? Yes No b. Quantify the effect of the homeowner's decision. (Do not round intermediate calculations. Round your answer to 2 decimal places.)