Given the recent drop-in mortgage interest rates, you have decided to refinance your home. Exactly 5 years ago, you obtained a $100,000 30-year mortgage with a fixed rate of 10% APR. Today, you can get a 30-year loan for the currently outstanding loan balance at 8% interest. This loan, however, requires you to pay a $250 appraisal fee and 3 points at the time of the refinancing (1-point equals 1% of the amount borrowed). Please show work, just trying to check my work.

1. What is the outstanding balance on the loan today if you just made the 60th payment?

A) $ 88,144

B) $ 90,938

C) $ 96,574

D) $ 98,159

E) $105,159