You took out a 30-year mortgage (monthly payments) for $275,000 at 8% and payment number 77 is due today. You are deciding whether you should refinance the outstanding principal by borrowing at todays lower rate of 6.25% an amount that pays off the old loan. The new loan is for 20 years as of today. The total fees for getting the new loan equal 2.8% of the original loans outstanding principal. The first payment for the new loan would be due one month from today. Suppose you pay the fees today with funds from your savings account. What is the net present value of the refinancing venture if your personal discount rate is 9%?