Question: DETAILED AND STEP BY STEP SOLUTIONS PLEASE A Property worth 16 million can be refinanced with an 80% loan at 9.5% over 20 years. The

DETAILED AND STEP BY STEP SOLUTIONS PLEASE

A Property worth 16 million can be refinanced with an 80% loan at 9.5% over 20 years. The balance of the current loan is 12,148,566. Loan payments are 113,302 per month. The loan balance in 10 years will be 8,396,769. If the property is expected to be sold in 10 years, what is the incremental cost of refinancing?

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