Please answer the questions and show your work. As you can see this is a multiple part question. Please do not use excel. If you were going to use a calculator please show what your input into the calculator. I would like to learn how to do it on my own so I need to see how it's done step-by-step.

Three years ago your investment company purchased the Excel Hotel for $250,000. The terms of the loan were 8% compounded monthly, for 20 years. You are at your monthly company meeting in Moscow, and you brought up the topic of refinancing the loan for discussion. You had called the bank the day before and found the interest rates for a refinance of the above loan are now at 5% compounded monthly. You are asked to use your Financial Decision-Making knowledge and your handy, dandy Business analyst App to make a recommendation to you company if refinancing makes sense at this time. 1. Figure the monthly payment (rounded to the nearest dollar) you are currently making, and the total finance charge you will pay on your original loan without the refinancing option Pymt. Finance Charge 2. Find the balance of the loan at the time of this proposed refinance (three years). Balance of Loan Use Calculations from #1 3. Calculate the new payment and savings in interest. The new payments using 5% Savings in interest your staff 4. Discuss your findings and prepare a summary you can share with regarding a decision. It can be written in English. Which plan and why? Three years ago your investment company purchased the Excel Hotel for $250,000. The terms of the loan were 8% compounded monthly, for 20 years. You are at your monthly company meeting in Moscow, and you brought up the topic of refinancing the loan for discussion. You had called the bank the day before and found the interest rates for a refinance of the above loan are now at 5% compounded monthly. You are asked to use your Financial Decision-Making knowledge and your handy, dandy Business analyst App to make a recommendation to you company if refinancing makes sense at this time. 1. Figure the monthly payment (rounded to the nearest dollar) you are currently making, and the total finance charge you will pay on your original loan without the refinancing option Pymt. Finance Charge 2. Find the balance of the loan at the time of this proposed refinance (three years). Balance of Loan Use Calculations from #1 3. Calculate the new payment and savings in interest. The new payments using 5% Savings in interest your staff 4. Discuss your findings and prepare a summary you can share with regarding a decision. It can be written in English. Which plan and why