The mortgage on your house is five years old. It required monthly payments of $1,402, had an original term of 30 years, and had an interest rate of 10%

(APR). In the intervening five years, interest rates have fallen and so you have decided to refinance long dashthat is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 5.625%(APR).

a. What monthly repayments will be required with the new loan? (round to nearest cent)

b. If you still want to pay off the mortgage in 25 years, what monthly payment should you make after you refinance? (round to nearest cent)

c. Suppose you are willing to continue making monthly payments of $1,402.How long will it take you to pay off the mortgage after refinancing? (round to the nearest integer)

d. Suppose you are willing to continue making monthly payments of $1,402, and want to pay off the mortgage in 25 years. How much additional cash can you borrow today as part of the refinancing? (round to the nearest dollar)

(Note: Be careful not to round any intermediate steps less than six decimal places.)