Charlie bought his house 20 years ago, he is borrowed $285,000 with a 30-year mortgage with a 6.0% APR. His mortgage broker has offered him a 10-year mortgage with a 3% APR with 3 points closing costs. What is Charlie's old monthly payment? What is the balance on Charlie's mortgage after 20 years? What is Charlie's new monthly payment? How many months does Charlie need to live in the house to justify the cost of refinancing?