Tom Falkland is considering refinancing his home mortgage to reduce his house payment by $195per month. Closing costs associated with the refinancing will total $5,900. Tom will finish medical school in4years, at which time he will sell the house and move to another state.

(a)What is the payback period for refinancing this loan?(Round answer to 0 decimal places. e.g. 125.)

Payback_____ the payback period in months rounded to 0 decimal places

months

(b)Given Tom's plans, should he refinance his mortgage at this time?

select an option

No

Yes