Seven years ago a borrower took a mortgage for $$150,000$ at $6\%$ for $30$ years. We call this $30-$year mortgage as the old mortgage. Currently, the market interest rate is $5\mathrm{.}25\%.$ The borrower is considering refinancing to a new $23-$ year mortgage at the current interest rate. We call this $23-$year mortgage as the new mortgage. The lender has a prepayment penalty of $3\%$ of the outstanding loan balance and the closing cost of the new mortgage is $2\%$ of the loan amount. What is the refinancing cost?

$5\%**$ outstanding loan balance of the old mortgage at year $7$

$2\%**$ outstanding loan balance of the old mortgage at year $7$

$3\%*$ outstanding loan balance of the old mortgage at year $7$

$5\%**$ yearly payment of the old mortgage