Answer Questions Part A To Part B An investor obtained a fully amortizing mortgage five years ago for $95,000 at 11 percent for 30 years. Mortgage rates have dropped, so that fully amortizing 25-year loan can be obtained at 10 percent. There is no prepayment penalty on the mortgage balance of the original loan, but three points will be charged on the new loan and other closing costs will be $2,000. All payments are monthly. a. (Show All You Works For Your Calculations) Should the borrower refinance if they plan to own the property for the remaining loan term? Assume that the investor borrowe's only the amount equal to the outstanding balance of the loan. b. (Show All You Works For Your Calculations) Would your answer to part (a) change if they planned to own the property for only for five more years? Answer Questions Part A To Part B An investor obtained a fully amortizing mortgage five years ago for $95,000 at 11 percent for 30 years. Mortgage rates have dropped, so that fully amortizing 25-year loan can be obtained at 10 percent. There is no prepayment penalty on the mortgage balance of the original loan, but three points will be charged on the new loan and other closing costs will be $2,000. All payments are monthly. a. (Show All You Works For Your Calculations) Should the borrower refinance if they plan to own the property for the remaining loan term? Assume that the investor borrowe's only the amount equal to the outstanding balance of the loan. b. (Show All You Works For Your Calculations) Would your answer to part (a) change if they planned to own the property for only for five more years