You got a 30-year FA-FRM for $400,000 at a rate of 6%, with constant monthly payments. After 3 years of payments, the rates fall and now you can get a 27-year FRM at 5%. However, you will need to pay pay 2 points and $1,500 in closing costs to get the newer mortgage. What is the IRR of refinancing assuming you will stay in the new mortgage until maturity?

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