6. Continues, after 7 years of mortgaging your apartment including 3 years of grace period, a local new bank offers you a deal of refinancing your apartment with 1.2% nominal interest rate, compounding monthly. However, a set up charge would cost you $50,000. What is the remaining loan balance? (10%) How much money you have paid for interests in the past 7 years? (10%) Will you move your mortgage to the new bank? Assuming you desire to have 12% per year (compounding monthly) rate of return on anything you invest (10%) No score if no detail reasoning with proof is provided 6. Continues, after 7 years of mortgaging your apartment including 3 years of grace period, a local new bank offers you a deal of refinancing your apartment with 1.2% nominal interest rate, compounding monthly. However, a set up charge would cost you $50,000. What is the remaining loan balance? (10%) How much money you have paid for interests in the past 7 years? (10%) Will you move your mortgage to the new bank? Assuming you desire to have 12% per year (compounding monthly) rate of return on anything you invest (10%) No score if no detail reasoning with proof is provided