Finance Problem
Core Inc. borrowed a loan of $4,500,000 at 10% for 25 years term with 3% prepayment penalty five years ago. Recently, a new loan is available at contract rate of 8.5% for 20 years with 4% origination fees. Should Core Inc. refinance now if the discount rate is 6.5%?
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.