Correct answers

a)$458497.81

b)$8826.63

c)$3474.65

PLEASE answer in detail and show work and show what formulas are being used in detail

Devi has a mortgege tor $493,591.00. The term of the mortgage is 5 years, and the amortization period is 20 years. Devi will make monthly payments and the mortgage rate is r in =7750. Nter 3 years, the interest rate drops to 6.600% compounded quarterly, and she decides ta relinsece her loan. In order torefinance, she has to pay a penaly of 3 months interest ibased on the criginal inverest ratel, which is added to the outstanding balance on the new mortgage. a) Whst is the outstanding balance at the time Devi decides to refnance (not including the peralty)? 3 b) What is the amount of the penatiy? 1 c) The now inorigags has exacty the same terms (term, armorization periso, atcl as the criginal mortgage exceot for the armount and the interestrate. What are the the new monthly. peymentit1