Draw a time line that depicts the cash flows from the mortgage payments from when you bought your home. Compute the outstanding mortgage amount today. i. Show the time line with the balance today, and ii. Give the inputs to your computations for full credit. b. (30 points) The financial crisis has reduced mortgage rates. Suppose you refinance your mortgage today with a mortgage maturity equal to the remaining time on your current mortgage at an APR of 3% and monthly payments. What is the present value of your savings if refinancing will incur closing costs of $2500

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