Two years ago, you got a 10-year, $100,000 interest-only loan with the rate of 7.50%. At the end of the 2nd year the market interest rate drops to 5.70%. You are considering to refinance. Ignore costs, what is the present value of the refinancing saving?

Two years ago, you got a 10-year, $100,000 interest-only loan with the rate of 7.50%. At the end of the 2nd year the market interest rate drops to 5.70%. You are considering to refinance. Ignore costs, what is the present value of the refinancing saving