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A borrower has secured a 30 year

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A borrower has secured a 30 year. $800,000 loan at 7%. Fifteen years later, the borrower has the opportunity to refinance with a fifteen year mortgage at 6%. However, the un.front fees, which will be paid in cash, are $12,500. Should the borrower refinance? (Hint: Review refinancing handout) PV of Savings from refinancing