Patty wants to buy a home with a cash price of $750,000. The bank requires 20% down payment and charges 4.5% (12) and 1.5 points for a 30 year mortgage. Find the size of Pattys monthly payments (round up to the nearest cent). After 10 years, Patty has the option of refinancing to a rate of 3% (12) with the bank charging 1 point. Patty declines, but 10 years later (20 years from the start of the mortgage), she decides to refinance at 3.5% (12) with no points. How much did the refinancing save her compared to the original mortgage? Was the earlier refinancing offer better than the one she took (assuming she could only refinance one)?