Question: Ann got a 30 year fully amortizing FRM for $1,000,000 at an annual interest rate of 5.5% compounded monthly, with monthly payments. After 5 years

Ann got a 30 year fully amortizing FRM for $1,000,000 at

Ann got a 30 year fully amortizing FRM for $1,000,000 at an annual interest rate of 5.5% compounded monthly, with monthly payments. After 5 years of payments, Ann can refinance the balance into a 25 year fully amortizing FRM at an annual interest rate of 4.75% compounded monthly with monthly payments. Refinancing will cost Ann 1 point and $1,500 in closing costs. If Ann refinances into this loan and makes payments for 25 years, what will be her annualized IRR from refinancing? 42.42% 03.78% 48.79% O 45.40% 4 points Save Ansv Cliel Sam Al Ansters to save all answers

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