16. Suppose you decide to buy a $200,000 condo. You make a 10% down payment and take out a 30-year fixed-rate mortgage at 6%. a) What is your monthly payment? b) Suppose in three years the rate for a 15-year fixed rate mortgage is 5%. What would your new monthly payment be if you decided to refinance then? 17. Five years ago you bought a home and took out a 30 year mortgage for 150k at 6%. Suppose youve made monthly payments of $1200. (This may be higher than the minimum monthly payment.) a) What is the remaining principal today? b) What is the monthly payment if you would refinance the mortgage with a new 15-year mortgage at 3%?