Ten years ago, Ted took out a 30-year fixed rate mortgage for $350,000 at an APR of 7.25% per year. Recently, interest rates have declined; hed like to refinance his mortgage at a new rate of 5.25% per year. The new mortgage will have a 20-year term. The fees to initiate the mortgage total $5000. The payments on both the old and the new mortgage are monthly. Ignore all taxes. a. What are the original loan payments? b. How much does he owe now? c. Should he refinance?