Question 12 (2 points) Which of the following is true when a borrower "cashes out" on a refinancing? The excess proceeds are taxed at the investor's marginal tax rate. The excess proceeds are taxed at the capital gains tax rate. The borrower increases the amount of equity remaining in the project. No taxes are due at the time of the refinance. Question 13 (2 points) With a fixed rate mortgage loan, which party is at a relative disadvantage if inflation increases? the borrower the lender