Consider a 20-year, $175,000 mortgage with a rate of .0555 percent. Six years into the mortgage, rates have fallen to 5 percent. What would be the monthly saving to a homeowner from refinancing the outstanding mortgage balance at the lower rate for the same maturity date?(Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Savings

$

You own a bond with a 5.6 percent coupon rate and a yield to call of 6.5 percent. The bond currently sells for $1,096. If the bond is callable in five years, what is the call premium of the bond?(Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Call premium

$