2 13 + 125% Tools 5.(12 points) You are purchasing a house, which costs $250,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires monthly payments and has an interest rate of 4.8% per year. (1) What is the monthly payment? (2) How much of the principal is still owed after 10 years? After 10 years, mortgage rate falls to 3.9%. You decide to refinance your mortgage (Assume no fees). The new mortgage is a 20-year loan, monthly payments, with an interest rate of 3.9% per year. (3) What is your new monthly payment after you refinance? (4) Suppose after you refinance, you continue making monthly payments of the original amount (question (1) answer), and you plan to pay off the mortgage in 20 years. As part of the refinancing, how much additional cash can you borrow after 10 years