Suppose you bought a house on Oct 1, 2016, at 3.42% fixed and borrowed $500k, what were your payments? 4 years later, about December 1 2020 rates dropped to 2.66% and you want to refinance, what are your new payments for the new 30-year loan? State the steps you took to calculate this answer clearly. 9. Should you refinance the loan in the question above? yes or no? and why? glish (United States) Focus O A Pr Suppose you bought a house on Oct 1, 2016, at 3.42% fixed and borrowed $500k, what were your payments? 4 years later, about December 1 2020 rates dropped to 2.66% and you want to refinance, what are your new payments for the new 30-year loan? State the steps you took to calculate this answer clearly. 9. Should you refinance the loan in the question above? yes or no? and why? glish (United States) Focus O A Pr