13 QUESTION 3 Work through the following mortage scenario with Four (4) parts 1 Borrower has a 30-year mortgage at 8% based on 5600,000 What is the monthly payment principal and interest payment) of this mortgage? (4 points) 2. After years, what is the remaining balance? (3 points) 3. At the end of the eighth year (based on remaining balance found in Number 2 above), the borrower has the ability to retrance that remaining balance with a 20-year mortgage with an interest rate of 4% of the balance in Number 2 above is refinanced with a 20-year mortgage with an interest rate of 4%, what would the new monthly payment principal and interest payment) be for the new loan? (3 points) 4 Assuming that there is a prepayment penalty of $8,000 to pay off the original mortgage used in Number 1 (based on 30 years, 6%, 5600,000) and 56,000 in costs to obtain the new loan, how many months would you need to hold the property with the new mortgage as described in Number 3 to offset the costs of the refinance? (3 points) Answer all four questions in the space provided For the toolbars ALT FOGPC) or ALTIN 10 (Mac)