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8. (14 POINTS) Suppose that four years ago you took out a Canadian mortgage for $683.000 APR of 3375 with monthly payments to be amortised

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8. (14 POINTS) Suppose that four years ago you took out a Canadian mortgage for $683.000 APR of 3375 with monthly payments to be amortised over 25 years. You have been paying S96.32 per month Today you have the cpportunity to refinance your mortgage at 1989 for your monthly payments for the remaining ?1 years (a) Calculate the effective monthly interest rate and the remaining balance of the ban outstanding when 21 years remain to the loan Find the new effective monthly interest rate if you decide to refinance at 1.98% How much would your new monthly payment be

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