In January 2002 you purchased a home for $250,000 with a 30 year mortange with a 6% interest rate. The down payment was $50,000 and fees paid upfront are $2,500. After fifteen years of payment you noticed that the new 30 year rates are at 4.5% and 15 years are at 3.5%. If the cost to refinance is $2,000 would you refinance. show the fifteen year solution

shwo the thirty year solution