Suppose that someone has hired you to determine whether they should refinance their home. This customer has a $375,200 30-year mortgage at 5.67% interest compounded monthly. For the last 6 years, they have been paying the regular monthly payments. This customer now has the option to refinance their current mortgage with a new 30-year mortgage that has an intrest rate of 4.33% compounded monthly. Note that the lender of the new loan has a closing cost fee of $2,800 (for title insurance, home appraisal costs, etc.) for the new (refinanced) mortgage. You are to determine whether the customer would save or lose money in INTEREST if they were to refinance their home. Take the closing cost into account when determining if the customer would save or lose money.
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