Suppose the existing loan with an interest rate of 8 percent, outstanding balance of $90,000 and fixed monthly payments has 15 years remaining on it. Suppose a new loan can be offered for 15 years at the rate of 6.5 percent to refinance the existing one. Suppose further that refinancing cost of the existing loan is equal to 7 percent of its outstanding balance. Compute the implied annual savings rate for the homeowner if he goes on with the refinancing assuming the expected holding period of the borrower of 2, 4, 6, 8, 10 and 15 years.