loan is $$208,555\mathrm{.}87.$

must be paid in full at the time of refinancing.

Build a spreadsheet model to evaluate this offer. The Excel function:

$=PMT($ rate, nper, $pv,fv,$ type$)$

calculates the payment for a loan based on constant payments and a constant interest rate. The arguments of this function are:

rate $=$ the interest rate for the loan

nper $=$ the total number of payments

$pv=$ present value $($the amount borrowed$)$

$f_V=$ future value $[$the desired cash balance after the last payment $($usually $0)]$

type $=$ payment type end of period, $1=$ beginning of the period