Calculate the monthly payment for a 20 year mortgage on a farming operation in Gates County, NC. The cost of the farm was $900,000 and you put 10 percent down. The bank is charging you 6 % interest, compounded monthly. Given the situation above, suppose that the interest rates drop to 5 % after five years. You can get a new 15 year mortgage for $2,000 fee at that new rate plus 2 points that you would have the bank finance. Should you refinance? What would your new payment be?