In January 2001 You Purchased A Home

In January 2001 you purchased a home for $250,000 with a 30 year mortgage with a 6% interest rate. The down payment was $50,000 and the fees paid upfront are $2500. After fifteen years of payments you noticed that new 30 year rates are at 4% and 15 year rates are at 3. 0%. If the cost to refinance is $2000 would you refinance (show calculations and comments)?Show the fifteen year solutionShow the thirty year solution

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