I have a student loan with $12$ years left to go$.$ My monthly payment is $$225\mathrm{.}00$ and the interest rate is $8\mathrm{.}5\%.$ I have the opportunity to refinance this loan with a new $12-$year loan at $5\%.$

a$)$ What will my new payment be$?($Refinancing means to get a new loan for the amount of money that you owe; the new loan should have a lower interest rate than the original loan.$)$

b$)$ How much will I save by refinancing?

I have a student loan with $12$ years left to go$.$ My monthly payment is $$225\mathrm{.}00$ and the interest rate is $8\mathrm{.}5\%.$ I have the opportunity to refinance this loan with a new $12-$year loan at $5\%.$

a$)$ What will my new payment be$?($Refinancing means to get a new loan for the amount of money that you owe; the new loan should have a lower interest rate than the original loan.$)$

b$)$ How much will I save by refinancing?