Suppose after you move you purchase a new home. You choose to take out a new mortgage on the new home with an initial loan balance equal to the remaining loan balace on your old home. In this way, you are not borrowing any more or less due to the move, you are just taking out a new loan to pay off the old loan (ignoring any moving expenses and loan closing costs). Suppose you take out a new 30-year mortgage that fully amortizes to zero with monthly payments, but that interest rates have now fallen to 3.17%. What is the monthly payment on your new mortgage? (Note that this situation is equivalent to what happens when interest rates fall and home owners refinance their mortgages at the lower rates)

		$466.71
		$355.31
		$430.83
		$707.39