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Considering the following information, what is the Approximate Net Benefit if the borrower refinances the loan? Expected holding period: 3 years Current loan balance: $100,000

Considering the following information, what is the Approximate Net Benefit if the borrower refinances the loan? Expected holding period: 3 years Current loan balance: $100,000 Current loan interest: 7% Current loan mortgage payment: $898.33 Remaining term on current mortgage: 15 years New loan interest: 5.5% New loan mortgage payment: $817.08 New loan term: 15 years Cost of refinancing: $5,000

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