Daniel finances a home loan of $204.000 with monthly payments at a nominal rate of 6.5% compounded monthly. His first payment is due one month from the loan date and the term of the loan is 30 years. Immediately after Daniel's 48th payment, he refinances the remaining balance with a new 15-year loan at a nominal rate of 4.5% convertible monthly. He is also charged 4.000 in closing costs that he adds to the principle at the time of the refinance. If Daniel pays this loan off, how much money did he save with the refinance