Please provide the steps

Tom purchased a house in September 2022. His 30-year fixed mortgage loan started with the principal of $200,000 and 6% APR. His mortgage lender contacted him in September 2023 to check if he would like to refinance his mortgage loan since the mortgage rate dropped significantly in this year. There is no significant change on Toms financials and credit score since he purchased the house, which may qualify him for 4% APR. The cost of refinancing including origination fee, appraisal, title, administration, etc. will be $12,000. With the interest rate drops, U.S. treasuries long-term rate has dropped to 2.5% as well. To compile the annual mortgage amortization table, you can use the following website: (not posting the website because it's apparently against some policy that isn't even listed when posting a new question. KMA) Question 3 (20%) Toms friend Jerry is a financial planner and recently recommended a financial product with guaranteed annual return of 7%. Should Tom consider it in his refinancing decision? If he should, how many years he will have to keep the house to make the refinancing worthwhile?

Question 4 (40%) Consider the above questions and read following articles. Summarize impact factors in mortgage refinancing decision. (Articles were given but I can't post them apparently)