10. Five years ago you borrowed $3,000,000, a 30-year mortgage with 6% fixed rate (i.e., 0.5% per month). The payments are made monthly.

a.Compute monthly payment

b.Compute current loan balance

c.If you can refinance at 5.5% fixed rate for the next 25 years without additional fees, compute new monthly payment

d.If you can refinance at 5.5% fixed rate for the next 25 years but have to pay $ 55,000 fees, do you want to refinance?