$($Type A$\mathrm{.}8)$ A borrower made a mortgage loan $7$ years ago for $$160,000$ at $10\mathrm{.}25$ percent interest for $30$ years. The loan balance is now $$151,806\mathrm{.}62$ and rates for this amount are currently $9\mathrm{.}5$ percent for $23$ years. Origination fees and closing costs are $$4,500,$ and closing costs are not financed by the lender. What is the effective cost of refinancing?

$($Note: Your answer should have four decimal places.$)$