$***$EXCEL ONLY$***$

After $8$ years, when the market interest rate has dropped to $8\%,$ the company would like to refinance the loan. What is the "refinancing fine" the bank would charge the firm if it would like to be compensated for the cost of the refinancing?

$($An equal payment loan, refinancing$)$ Omer is the CFO of ABC Corp. The firm just took a $$1M$ loan with $20$ equal annual payments and an annual interest rate of $10\%.$