The mortgage on your house is five years old. It required monthly payments of$1,422, had an original term of 30 years, and had an interest rate of9% (APR). In the intervening five years, interest rates have fallen and so youhave decided to refinanceâthat is, you will roll over the outstanding balance intoa new mortgage. The new mortgage has a 30-year term, requires monthlypayments, and has an interest rate of 6.125% (APR).a. What monthly repayments will be required with the new loan?b. If you still want to pay off the mortgage in 25 years, what monthly payment should youmake after you refinance?c. c. Suppose you are willing to continue making monthly payments of $ 1 comma422$1,422. How long will it take you to pay off the mortgage after refinancing?d. d. Suppose you are willing to continue making monthly payments of $ 1 comma422$1,422, and want to pay off the mortgage in 25 years. How much additional cash canyou borrow today as part of the refinancing?e. (Note: Be careful not to round any intermediate steps less than six decimal places.)
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