Please solve using cocalc / Python 3 (system-wide)

1 Introduction While paying off a home mortgage loan, borrowers will often receive offers to refinance their loan. When refinancing a loan, a borrower will be offered a lower interest rate. While this may sound like a good deal, a borrower must pay closing costs in order to refinance and the clock on the loan may be reset. Borrowers need to carefully consider several factors to determine if a refinancing option is worthwhile. 2 Objective The goal of this activity is to compare a (simplified) refinance option on a mortgage loan to the original loan. 3 Scenario Suppose that you purchased an apartment for $260,000. You were able to put a 20% down payment, but needed to borrow the rest. Original Loan: The loan is a 30 year fixed rate mortgage with an annual interest rate, com- pounded monthly, of 5.2%. Refinance Option: After 10 years of owing the apartment, it bank offers to refinance your loan as a 30-year fixed rate mortgage with an annual interest rate, compounded monthly, of 3.9% with an estimated closing cost of $12,000. Is the refinance option worthwhile? Why or why not