John is thinking about refinancing a debt. It costs him 150,000 to refinance, which he pays immediately (t = 0). This, however, will save John 60,000 per year for the next three years (end of year, years 1-3 (t = 1, t = 2, t = 3) ). 1) Should John refinance if the rate of return is 3%, based on net present value? 2) What is the discounted payback period? 3) What is the minimum interest rate required to refinance it?