Home Loan (B) (30 points) Knowing that you have studied amortization schedules at Illinois Tech, your parents are seeking your advice. Exactly fourteen years ago today they obtained a $320,000, 30-year mortgage at an APR (Annual Percentage Rate) of 6.9%. They are seriously considering refinancing at today's low APR of 3.6%. Unfortunately, they lost the amortization schedule that they received when they obtained their loan. Required: (Interest is compounded monthly) 2. What is the amount of their current monthly payment? b. What is the current balance of their mortgage? c. What is the EAR (Effective Annual Rate) of the proposed refinancing? d What would be their new monthly payment if they refinanced their existing loan balance over the remaining term of the current mortgage? e. How much total interest would they pay if they refinanced their existing mortgage? How much total interest would they save over the remaining term of the loan by refinancing? f