Suppose your existing mortgage is five years old, has a payment of $1100.65, and a balance of $142,605. You have the chance to refinance the outstanding balance at a 6% contract rate producing a payment of $918.81. If you plan to hold the loan for the remaining 25 years and your opportunity cost is 5%, what is the present value of the payment savings? $31,106 $23.560 Cannot determine without more information $28,223 Suppose your existing mortgage is five years old, has a payment of $1100.65, and a balance of $142,605. You have the chance to refinance the outstanding balance at a 6% contract rate producing a payment of $918.81. If you plan to hold the loan for the remaining 25 years and your opportunity cost is 5%, what is the present value of the payment savings? $31,106 $23.560 Cannot determine without more information $28,223