Instructor-created question Qu You purchased your house exactly 10 years ago. The initial loan that you took on the house had a loan principal of $600000, an annual interest rate of 6% compounded monthly and a term of 30 years. Q1: Calculate the monthly mortgage payment on your house. O A. $3827.54 O B. $3597.3 C. $3682.42 Because 10 years have passed since you bought the house, you have 20 more years worth of payments on your mortgage. Q2: Calculate the balance that you have on your loan (with 20 years of payments to go). A. $351479.74 B. $502113.91 C. $602536.69 Q3: What is the future value of the remaining monthly mortgage payments on your loan at the end of the loan (20 years from now) at the annual savings rate of 1% compounded monthly? O A. $620921.71 B. $764211.34 C. $955264.17 You are thinking about refinancing your mortgage. You can get a new mortgage loan with an annual rate of 2.5% compounded monthly for 30 years. The loan principal would be exactly the balance on your loan calculated in 02. Q4: What is the monthly payment on your new loan? O A $2052.99 OB. $1983.85 O C. $1877.4 Q5: Suppose that you plan to repay this loan exactly 20 years from now. What would the balance on this loan be at the point? O A. $294626.77 OB. $258850.66 OC. $210447.69 Q6: What is the future value of your monthly mortgage payments on this loan 20 years from now at the annual savings rate of 1% compounded monthly? O A. $389840.88 OB. $526812 O C. $458326.44 Q7: To see if the refinance is worth it, you want to compare A) the sum of the answers to Q5 and Q6 to B) the answer to Q3. The refinance is worth it A) is smaller than B). What is the difference between B) and Ay? O A. $97020.25 OB. $218004.48 O C. $160674.92