Paul owns a multi-family residential apartment building in Jersey City, NJ. On June 1, 2016 he placed an $8,000,000 loan on the property. The terms of the loan were as follows: Term: 10 Years Interest Rate: 5-3/8% Amortization: 30 Years There is no pre-payment penalty on the loan. He would like to refinance the outstanding loan balance on May 1, 2021. He was offered the following loan terms from two banks (the maturity of each loan below is April 30, 2031): Bank A: They will refinance the balance of the existing loan at an interest rate of 3-1/4% interest based on a 25 year amortization schedule. Bank B: They will refinance the balance of the existing loan at an interest rate of 3-3/4% based on a 30 year amortization schedule. Answer the following questions based upon the information above. Show all work. 1. What is the outstanding loan balance on May 1, 2021? 2. Which bank with have the lower ADS? 3. What will the monthly payments be for Bank A? 4. What is the loan constant for the original loan? 5. Assume Paul chose Bank A to refinance with, what would be the outstanding balance at maturity?