6. You have decided to refinance your home mortgage to a 15-year loan at 4.0% APR. The outstanding balance on your loan is $150,000. Under your current loan, your monthly mortgage payment is $1610, which you must continue to pay for the next 20 years if you do not refinance.

a. What is the new monthly payment if you refinance?

b. How much will you save by refinancing?

c. How much interest will you pay on this new loan?