56,000.00 52,400 5600,00 QUESTION 31 Work through the following mortgage scenario with Four (4) parts: 1. Borrower has a 30-year mortgage at 6% based on $600,000 What is the monthly payment (principal and interest payment) of this mortgage? (4 points) 2. After 8 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 refinance that remaining balance with a 20- year mortgage with an interest rate of 4%. It 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% $600,000) and $6,000 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? points) Answer all four questions in the space provided For the toolbar, press ALT F10 (PC) or ALTHFN.10 MB BTU $ Arial Q EE TO 16px Paragraph MacBook Air Fa & 0