The balance for the original and new loans are given in the example, but I don't know how to calculate it.

I have tried using the NPV buttons, and the AMORT function on my calculator but am not getting the correct answer.

Based on my calculations, the balance on the old loan after 4yrs is $254,757 rather than $254,743 as noted in the manual.

Refinance Example Ten years ago a borrower received a mortgage loan of $300,000 to finance the purchase of a small rental property. The loan has a contract interest rate of 10.5 percent and is being amortized with monthly payments of $2,744 over 30 years. The current loan balance ( 10 year after origination) is $274,867. The mortgage rate currently available in the market is 9.0 percent and the borrower will refinance the $274,867 loan balance at 9%. The new monthly payment would be $2,212 with a 30 -year loan. Assume financing costs would be $8,497. Also assume an opportunity cost, or appropriate discount rate of 9 percent. Should the borrower refinance