Congratulations your $500,000 house loan has been approved! Batrez Bank has given you the 30 year- 4.00% compounded monthly interest rate loan. So exciting. Remember you must pay us back, if not WE WILL TAKE YOUR HOUSE! 1) Calculate your monthly minimum payment for you loan (8 pts) 2) What will be the total you pay for your house? (2 pts) 3) What interest will end up paying your home? (2 pts) It's been exactly 57 months after you bought the house. Your job has finally noticed all your hard work and dedication and has given you a big promotion and a big raise. You decide to pay an additional $800 per month starting this month to try to pay off quicker. 4) What is the balance before you make the 57th payment? (8 pts) 5) How many months would it take to pay off the loan at the new rate? (8 pts) After exactly 60 more monthly payments, you decide to refinance your loan. Morales Bank will add a charge of 1% of the current balance and then lower your interest rate to 1.90% for the remaining loan. You will continue to pay the same amount as you did the month before. 6) What is the balance of the loan before you refinance? (8 pts) 7) What is the balance of the loan after you refinance? (3 pts) 8) How many months will it take to pay off the loan after you refinance? (8 pts) 9) Calculate the final payment of the home loan. (3 pts) Congratulations, you have paid off your loan. 10) How long did it take you to pay off your loan? (3 pts) 11) What is the total cost you paid for your home? (4 pts) 12) What is the interest amount paid on your home? (2 pts) 13) Compared to the original amount of interest, how much money did you save by refinancing and making larger payment amounts. (2 pts)