# Eric operates a large and well$-$known Korean barbecue restaurant in the city of Albany. When he opened the restaurant, he borrowed $$1,200,000$ from the Bank of Albany. The loan has an annual interest rate of $8\mathrm{.}7\%,$ compounded monthly for $55$ years, and he pays $$8,774\mathrm{.}58$ each month towards both principal and interest. Eric has been successful in running the restaurant, and he believes he can pay more than the current amount to the bank each month. He has already made $60$ payments towards principal and interest, and he can afford to pay an additional $$1,000$ to $$2,000$ per month. As he is currently $35$ years old, he thinks it's time to plan for retirement. When he turns $65,$ he wants to receive $$5,000$ per month as his retirement plan, which will continue for $20$ years. As his financial advisor, you need to propose financial products that adhere to the following rules:

Refinance: Eric is currently paying $$8,744\mathrm{.}54$ each month.

You have two refinancing options:

Product A: Refinance at an $8\mathrm{.}8\%$ annual interest rate with a $23-$year repayment term.

Product B: Refinance at an $8\mathrm{.}9\%$ annual interest rate with a $20-$year repayment term.

Both options use compound monthly interest, and there's a fixed refinance cost of $$4,500.$