Question: I NEED ANSWER BEFORE MIDNIGHT BECAUSE MY SUBSCRIPTION EXPIRES. PLEASE HELP Layla took out a 30 year fixed rate mortgage with monthly payments for $550,000

I NEED ANSWER BEFORE MIDNIGHT BECAUSE MY SUBSCRIPTION EXPIRES. PLEASE HELP

Layla took out a 30 year fixed rate mortgage with monthly payments for $550,000 at 6% interest. Five years later she has an option to refinance the remaining loan amount with a 25 year mortgage with monthly payments at a lower, 5% interest rate. Suppose that Layla's discount factor is 7%. What is the maximum amount that Layla is willing to pay in refinancing fees to make the refinancing worth it for her? (Write the answer as a positive number rounded to two decimal points. For example, if you get $450.7897, write 450.79)

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