Use Worksheet $5\mathrm{.}4.$ Chen Hua purchased a condominium $5$ years ago for $$500,000,$ paying $$3,101\mathrm{.}20$ per month on her $$400,000,7$ percent, $20-$year mortgage. The current loan balance is $$345,027.$ Recently, interest rates dropped sharply, causing Hua to consider refinancing her condo at the prevailing rate of $5$ percent. She expects to remain in the condo for at least $5$ more years and has found a lender that will make a $5$ percent, $17-$year, $$345,027$ loan, requiring monthly payments of $$2,514\mathrm{.}05.$ Although there is no prepayment penalty on her current mortgage, Hua will have to pay $$2,000$ in closing costs on the new mortgage. She is in the $24$ percent tax bracket. Based on this information, use the mortgage refinancing analysis form in Worksheet $5\mathrm{.}4$ to determine whether she should refinance her mortgage under the specified terms. Assume that Chen is assumed to take the standard deduction.

She

$-$Select$-$

refinance her mortgage under the specified terms.