MetaJia Ma purchased a condominium $5$ years ago for $$195,000,$ paying $$1,485\mathrm{.}38$ per month on her $$177,000,9$ percent, $25-$year mortgage. The current loan balance is $$165,092.$ Recently, interest rates dropped sharply, causing Jia to consider refinancing her condo at the prevailing rate of $7$ percent. She expects to remain in the condo for at least $5$ more years and has found a lender that will make a $7$ percent, $20-$year, $$165,092$ loan, requiring monthly payments of $$1,279\mathrm{.}96.$ Although there is no prepayment penalty on her current mortgage, Jia will have to pay $$2,000$ in closing costs on the new mortgage. She is in the $25$ percent tax bracket. Based on this information, use the mortgage refinancing analysis form in Worksheet $5\mathrm{.}4$ to determine whether she should refinance her mortgage under the specified terms. Assume that Jia is assumed to take the standard deduction.

She

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refinance her mortgage under the specified terms.