Four years ago, you acquired a 30-year loan of $260,200, charging 6.5% annual interest, compounded monthly, and requiring monthly payments. At this time, interest rates on 20-year loans have dropped to 3.5% APR, compounded monthly, and you wish to refinance what you still owe with a new loan at this new rate. a. How much will you be refinancing? Round your answer to the nearest dollar. Amount Refinancing: $ b. How much will your new monthly payment be after refinancing? Round your answer to the nearest cent. New Monthly Payment: $ Submit