10. Ironwood Bank is oftoring a 25-year mortgage with an APR of 6.25% based on monthly compounding. If you plan to borrow what will be your monthly payment? (Note: Be careful not to round any intermodate steps less than sax decimal places.) The losn payment is 1 (Round to the nearest cent) 11. You have docided to refinance your mortgage. You plan to borrow whatever is cutstanding on your current montgage. The curtent monthly payment is $2,356 and you have made evecy payment on time. The orlinal term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your manthly payment. The mortgage intereat rate is 6.375), (Arpo. How much do you owe on the mortgage today? (Note. Be carefil not to round any intermediate steps less than six decimal places). The amountyou owe todey is 5 (Round to the nearest dollar.) 12. You have oredt card debt of 537,500 that has an APR (monttly compounding) of 15%. Each month you pay the minimum monthly payment. You are required to pay only the outatanding interest. You have received an offer in the mail for an otherwise identical oredt. card with an APR of 9%. Afer considering al your altomatives, you decide to switch cards, rol over the outstanding balance on the pis. card into the new card, and bortow additional money as wel. How much can you borrow today on the new card without charging the minimum monthly payment you will be required to pay? (Note: Be carefal not lo round any intemediate ateps less than aix decimal piaces) You can bomow 5 on the new card without changing the minimuen monthly poyment you will be required to poy. (Round. to the nearest doliar.) 13. In 1975. Interest rates were 7. BS\% and the rate of inflaton was 12.3 in the Uniled States. What was the reat interest rate in 19757 How would the purchasing power of your savings have changed over the year? (Note: Be carshd not to round any intermediate ateps less than sir decimal places.) What was the reat interest rate in 1975 ? Real rale of interest in 1975 was How would the purchasing power of your savings have changed over the year? The purchasing power ower that year did the folowing (Select the best choice below.) lect tha best cholice below.) A. Declined by 3.06% B. Increased by 4.45% C. Increased by 3.66% D. Declined by 4.45%