suppose that you are currently making monthly payments on a 312,000 30-year mortgage at 5.24% intreset compounded monthly. For the Last 8 year, you have been paying the regular monthly payments. You now have the option to refinance your current mortgage with a new 25-year mortgage that has an interest rate of 4.95% compounded monthly. Note that the lender of the new loan has a closing cost fee of 1500 (for title insurance, home appraisal cost, ect.) for the new (refinanced) mortgage. the lender stipulates that closing cost must be paid in cash and cannot be part of the new loan. You are to determinedwhether you would save or lose money, in determining if you would save or lose money.

Show all your work that you used to answer this problem. Label and give breif explanations of the steps that you used to solve this problem. Note that when you use TVM solver, show all the variables and the values entered. Final answer should be in the form of 2 -3 sentences summrizing your findings.