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please only answer part b 3) The mortgage on your house is 20 years old. It had monthly payments of $2,000, an original term of
please only answer part b 3) The mortgage on your house is 20 years old. It had monthly payments of $2,000, an original term of 30 years, and an interest rate of 6% (APR). In the intervening years, interest rates have fallen to 3%(APR) and you have decided to refinance with a new mortgage. a) Show that the outstanding balance of your old mortgage is $180,146.91. (You will need this number in the following questions.) b) If you want to pay off the new mortgage in 10 years (like the current term of the old mortgage), what monthly payment should you make? c) Suppose you are willing to continue making monthly payments of \$2,000. Show that it will take vou 102.18 months to pay off the new mortgage. d) Suppose you are wiling to continue making monthly payments or \$2,0us, ane wame to pay off the new mortgage in 10 years. How much additional cash can you borrow today as part of the refinancing
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