Consider a 25 -year, $225,000 mortgage with a rate of 6.85 percent. Four years into the mortgage, rates have fallen to 5.55 percent. Suppose the transaction cost of obtaining a new mortgage is $2,450. a. Should the homeowner refinance at the lower rate? Yes No b. Quantify the effect of the homeowner's decision. Note: Do not round intermediate calculations. Round your answer to 2 decimal places