Question: NO EXCEL 3. (10 points) Six years ago you borrowed $300,000 mortgage loan at 6.0% APR with maturity of 15 years. Today the mortgage rate

NO EXCEL

3. (10 points) Six years ago you borrowed $300,000 mortgage loan at 6.0% APR with maturity of 15 years. Today the mortgage rate declined to 3.0%. If your bank charges $15,000 of closing fees for the refinance, would you refinance your mortgage loan? Show all calculations.

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