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14. + 3.58/7.18 points Previous Answers TanFin 11 5.3.048. My Notes Five years ago, Diane secured a bank loan of $340,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 6%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 30-year home mortgage has now dropped to 2.5%/year compounded monthly, Diane is thinking of refinancing her property. (Round your answers to the nearest cent.) (a) What is Diane's current monthly mortgage payment? $ 2038.47 (b) What is Diane's current outstanding principal? $ 316384.81 (c) If Diane decides to refinance her property by securing a 30-year home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 2.5%/year compounded monthly, what will be her monthly mortgage payment? $ 1419.36 x (d) How much less will Diane's monthly mortgage payment be if she refinances? $ 619.12 X