Assume that Robert decides to refinance his house due to the drop of mortgage rate on June 1, 2021. Suppose during the period 10/1/20186/1/2021, John paid only the scheduled mortgage payments without making any prepayment. On June 1, 2021, Robert got a 30-year loan for the current outstanding loan balance at 2.90% mortgage rate. This new loan, however, requires a $2,500 appraisal fee plus 2% of the outstanding loan balance at the time of refinancing. Answer the following questions ignoring the tax consideration. (i) What is the outstanding loan balance on June 1, 2021? (2.5 points) (ii) Robert's first payment of the new 30 -year mortgage loan will be on July 1, 2021. How much will Robert's monthly mortgage payment be after his refinance? (2.5 points) (iii) How much is the up-front cash outlay required for Robert to obtain refinancing? (2.5 points) (iv) Ignoring the time value of money, how many months must Robert stay in the house to make the refinancing worthwhile? ( 2.5 points) Assume that Robert decides to refinance his house due to the drop of mortgage rate on June 1, 2021. Suppose during the period 10/1/20186/1/2021, John paid only the scheduled mortgage payments without making any prepayment. On June 1, 2021, Robert got a 30-year loan for the current outstanding loan balance at 2.90% mortgage rate. This new loan, however, requires a $2,500 appraisal fee plus 2% of the outstanding loan balance at the time of refinancing. Answer the following questions ignoring the tax consideration. (i) What is the outstanding loan balance on June 1, 2021? (2.5 points) (ii) Robert's first payment of the new 30 -year mortgage loan will be on July 1, 2021. How much will Robert's monthly mortgage payment be after his refinance? (2.5 points) (iii) How much is the up-front cash outlay required for Robert to obtain refinancing? (2.5 points) (iv) Ignoring the time value of money, how many months must Robert stay in the house to make the refinancing worthwhile? ( 2.5 points)