The mortgage on your house is five years old. It required monthly payments of $ 1 comma 450

$1,450, had an original term of 30years, and had an interest rate of 10 %

10% (APR). In the intervening fiveyears, interest rates have fallen and so you have decided to refinance long dash

that is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a30-year term, requires monthlypayments, and has an interest rate of 5.625 %

5.625% (APR).

a. What monthly repayments will be required with the newloan?

b. If you still want to pay off the mortgage in 25years, what monthly payment should you make after yourefinance?

c. Suppose you are willing to continue making monthly payments of $ 1 comma 450

$1,450. How long will it take you to pay off the mortgage afterrefinancing?

d. Suppose you are willing to continue making monthly payments of $ 1 comma 450

$1,450, and want to pay off the mortgage in 25 years. How much additional cash can you borrow today as part of therefinancing?