Consider a 25 -year, $220.000 mortgage with a rate of 6.8 percent. Three years into the mortgage, rates have fallen to 5.5 percent Suppose the transaction cost of obtaining a new mortgage is $2,400. 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.)