Question 8 5 pts The mortgage on your house is five years old. It required monthly payments of $2300, had an original term of 30 years, and had an interest rate of 9% (APR). You have decided to refinance. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 3% (APR). What monthly repayments will be required with the new loan? 1423 1300 1203 1156 Question 7 5 pts The mortgage on your house is five years old. It required monthly payments of $1000, had an original term of 30 years, and had an interest rate of 7.5% (APR). You have decided to refinance. The new mortgage has an interest rate of 2.9% (APR). Suppose you are willing to continue making monthly payments of $1000. How many months will it take you to pay off the mortgage after refinancing? O 179 O 164 216. O 198