Assume a 20-year fixed rate mortgage of $1 million and interest rate per year of 6 percent. The loan calls for monthly payments. 1. What is the monthly loan payment? Show your work to receive any credit. Round your answer to two decimal places. 2. Suppose that after 14 years, the new interest rate on 6-year mortgage is 5%. What is the current loan balance after 14 years? Show your work to receive any credit. Round your answer to two decimal places. 10 pts. 3. If you refinance at the new interest rate, what will the new monthly payment be? Show your work to receive any credit. Round your answer to two decimal places. 4. Assume that the refi fee is 4% on the remaining loan balance. Would that be a good idea to refinance? Explain why (or why not) and provide numerical evidence to support your argument. Show your work to receive any credit. Round your answer to two decimal places.