Must Show your work You borrowed $360,000 to finance the purchase of your dream house 5 years ago. The terms of the mortgage are as follows fixed 15-year rate which is 6.75% (APR) with monthly payments. a. Find the monthly payments b. Mortgage rates have fallen significantly since you bought the house. You have decided to refinance. New 10-year mortgage rates are 4.8% (APR) compounded monthly. 60th What is your remaining balance on the mortgage (i.e. how much money you would have to pay the bank in order to pay off the mortgage completely)? You just made your payment. c) If the amount you borrowed is the same as the remaining balance you calculated in b) plus refinancing costs of $10,000 which will be amortized, what are your new monthly payments? d) What is the total amount of interest you would have paid over the remaining 10 years in your original mortgage? What is the total amount of interest you will pay for your new loan over the lifetime of the mortgage? What is the reduction in total interest? Must Show your work You borrowed $360,000 to finance the purchase of your dream house 5 years ago. The terms of the mortgage are as follows fixed 15-year rate which is 6.75% (APR) with monthly payments. a. Find the monthly payments b. Mortgage rates have fallen significantly since you bought the house. You have decided to refinance. New 10-year mortgage rates are 4.8% (APR) compounded monthly. 60th What is your remaining balance on the mortgage (i.e. how much money you would have to pay the bank in order to pay off the mortgage completely)? You just made your payment. c) If the amount you borrowed is the same as the remaining balance you calculated in b) plus refinancing costs of $10,000 which will be amortized, what are your new monthly payments? d) What is the total amount of interest you would have paid over the remaining 10 years in your original mortgage? What is the total amount of interest you will pay for your new loan over the lifetime of the mortgage? What is the reduction in total interest