tom got a 30 year fully amortizing frm for $1,500,000 at 8%, with constant monthly payments. after 3 years of payments rates fall and he can get a 27 year frm at 5%, but he must pay 2 points and $1000 in closing costs to get the new loan. think of the refinancing decision as an investment for tom, he pays a fee now but saves money in the future in the form of lower payments. what is the annualized irr of refinancing for tom assuming he prepays the new loan 5 years after refinancing?