Question: Ann got a 15 year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 7% compounded monthly, with monthly payments. After 5 years

 Ann got a 15 year Fully Amortizing FRM for $1,000,000 at

Ann got a 15 year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 7% compounded monthly, with monthly payments. After 5 years of payments, Ann can refinance the balance into a 12 year Fully Amortizing FRM at an annual interest rate of 6% compounded monthly, with monthly payments. Refinancing will cost Ann 2 points and $1.700 in closing costs. If Ann refinances into this loan after 5 years, what will be her total cost of refinancing (ie, the cost paid immediately at the moment of refinancing)? 0 6,000 O 17,182.56 O 15,482.55 O 1,700 1,290.21

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