current balance on the loan is $$208,555\mathrm{.}87.$

The out$-$of$-$pocket costs must be paid in full at the time of refinancing.

Build a spreadsheet model to evaluate this offer. The Excel function

$=PMT($ rate, $n$ per, $pv,fv,$ type$)$

calculates the payment for a loan based on constant payments and a constant interest rate. The arguments of this function are as follows.

rate $=$ the interest rate for the loan

nper $=$ the total number of payments

$pv=$ present value $($the amount borrowed$)$

$fv=$ future value $[$the desired cash balance after the last payment $($usually $0)]$

type $=$ payment type end of period, $1$ beginning of the period