Your parents bought a home 15 years ago and have a mortgage rate of 9% on their $150,000 mortgage with a 30-year term. Today they could refinance into a new 15- year mortgage at a rate of 7%. Refinancing will cost $2500.

a. Should they refinance if they plan to stay in the home for an additional 15 years? b. Should they refinance if they may only stay in the home for 5 more years?

Please show what to enter if using a financial calculator!