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You currently have a 8 . 7 0 % mortgage with a remaining term of 1 0 years and a remaining balance of $ 1

You currently have a 8.70% mortgage with a remaining term of 10 years and a remaining balance of $1,000,000. You can refinance this loan at an interest rate of 7.60%, but it will cost you $35,000 in closing costs. You plan to own the property for 4 more years. Given the above information, answer the below question:
What is the NPV of refinancing?

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