Question: You are considering refinancing your mortgage. Your current loan is at 7% with 14 years left and was negotiated one year ago with $2,000 closing

You are considering refinancing your mortgage. Your current loan is at 7% with 14 years left and was negotiated one year ago with $2,000 closing costs. The new loan would be 5.5% for 15 years with closing costs of $1,500. Describe how you would decide whether to refinance. Include qualitative considerations. Provide examples of your calculations.

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