Choose the best answer to the following question. Explain your reasoning with one or more complete sentences. You are cu

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Choose the best answer to the following question. Explain yourreasoning with one or more complete sentences. You are currentlypaying off a student loan with an interest rate of ​% and a monthlypayment of ​$. You are offered the chance to refinance theremaining balance with a new ​-year loan with an interest rate of​% that will give you significantly lower monthly payment. Isrefinancing this way a good​ idea? Question content area bottomPart 1 Choose the correct answer below. A. ​It's a good idea if itlowers your monthly payment by at least​ $100. Then if you pay the​$100 anyway, you can pay off the loan sooner. B. It may or may notbe a good​ idea, depending on closing costs and how many years areremaining in your current loan term. Refinancing would reset theloan term to years. C. ​It's always a good idea. A borrower shouldalways seek the lowest interest rate possible. D. It is always agood idea because you would save ​% each month. E. It may or maynot be a good​ idea, depending on closing costs and how many yearsare remaining in your current loan term.​ It's only a good idea ifclosing costs are minimal. F. ​It's a good idea if it lowers yourmonthly payment by at least​ $100. The costs of refinancing can be​high, so​ it's not worth it if the monthly payment​ won't change bya lot