year term, $3\mathrm{.}0\%,$ plus out$-$of$-$pocket costa of $$2,937.$ The ouf$-$of$-$pocket costs must be paid in full at the time of refinaficing.

Suid a apreadsheet mosel to evaluate this offer. The Excal function:

$=$iMT$($rare$,$per$,$ pv$,K,$ type$]$

calculates the payment for a loan based en conetson pwyments and s conptant intarsst rate. The arquments of this function sre:assurts that the payment is made at the end of the month.The sovings from refinancing occur over time; and therefore need to be discounted back to current dsilars. The formula for converting K daliars saved :