1. You buy a house and finance it with a 30 year loan. The cost of the house is $750,000 and you promise to pay a BP of $50,000. The annual interest rate is 6%. What is your monthly payment? What is the interest and principal paid in month 7, and 99? At the end of the 10th year the interest rate drops to 3% and you finance a new 30-year loan on the balance owed. What is the new monthly payment? Is it worthwhile to finance at the lower interest rate