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Considering the following information, what is the net benefit if the borrower refinances the loan? Note that this is only an approximation (as shown in

Considering the following information, what is the net benefit if the borrower refinances the loan? Note that this is only an approximation (as shown in Chapter 10). (Indicate to the nearest dollar, do not include commas or dollar signed, e.g., 6252)" Expected holding period: 15 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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