Question: PLEASE SOLVE USING EXCEL AND EXCEL FINANCIAL FUNCTIONS! 2. A homeowner obtained a mortgage 4 years ago for S4,800,000 at 8 percent amortized over 30

PLEASE SOLVE USING EXCEL AND EXCEL FINANCIAL FUNCTIONS!

PLEASE SOLVE USING EXCEL AND EXCEL FINANCIAL FUNCTIONS! 2. A homeowner obtained

2. A homeowner obtained a mortgage 4 years ago for S4,800,000 at 8 percent amortized over 30 years. Mortgage rates have dropped, so that a new 30-year loan (in an amount equal to the balance of the original loan) can be obtained at 6.5 percent. There is no prepayment penalty on either loan, but two points will be charged on the new loan and other closing costs will be S55,900. Should the borrower refinance if he plans to be in the home only 5 more years

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