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The mortgage on your house is 5 5 years old. It required monthly payments of $ 1 comma 4 0 2 1 , 4 0

The mortgage on your house is 55 years old. It required monthly payments of $1 comma 4021,402, had an original term of 3030years, and had an interest rate of 10%10%(APR). In the intervening 55years, interest rates have fallen and so you have decided to refinancelong dashthat is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 3030-year term, requires monthly payments, and has an interest rate of 6.625%6.625%(APR).
a. What monthly repayments will be required with the new loan?
b. If you still want to pay off the mortgage in 2525years, what monthly payment should you make after you refinance?
c. Suppose you are willing to continue making monthly payments of $1 comma 4021,402. How long will it take you to pay off the mortgage after refinancing?
d. Suppose you are willing to continue making monthly payments of $1 comma 4021,402 and want to pay off the mortgage in 2525 years. How much additional cash can you borrow today as part of the refinancing?

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