Pls write out what equations you used.

Not excel.

Uiversiy of Tennessee at Martin 6-34 When he financed his firm's building, Al Silva bor- rowed $280,000 at 10% interest to be repaid in 25 equal annual end-of-year payments. After making l0 payments, Al found he could refinance the loan at 9% interest for the remaining 15 years. To refinance the loan, Al must pay the balance due plus a prepayment penalty charge of 2% of the balance due, and he must pay a $1000 service charge on the new loan. All payments are financed by the new loan. Should Al refinance the loan, assuming that he will keep the firm's building for the next l5 years? Use an annual cash flow analysis