1. A $500,000 mortgage was initially established with 30 years of monthly payments at 8.0%AR interest. After 8 years ( 96 payments), market interest rates have decreased to 3.5% AR. You are considering refinancing the balance of your mortgage over the remaining 22 years. Assume that refinancing charges amount to $3,000 and you will include this amount in the amount to be refinanced. You are considering three refinancing alternatives: a. Lower your monthly payments as much as possible over the remaining 22 years. What would the level of the lower payments be? b. Lower the payments somewhat but also use the refinancing to provide funds to potentially finish your basement and/or add onto your garage/shop. If you reduced your payments to a level midway between your old payments level and the result you found in part (a), how much additional current cash could the refinancing provide for your projects? c. Refinance with option (a) but keep making monthly payments equal to the amount of the original payments and "pay off" your mortgage early. In how many months would your mortgage be "paid off