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QUESTION 31 13 point Work through the following mortgage scenario with four (4) parts: 1. Borrower has a 30-year mortgage at 8% based on $500,000 What in the monthly payment principal and interest payment of this mortgage? (4 points) 2. Anar 8 years, what is the remaining balance? (3 points) 3. At the end of the eighthysat (based on remaining balance found in Number 2 above) the borrower has the ability to refinance that remaining balance with a 20-your moitos an interest rate of 4% of the balance in Number 2 above is eetinanced with a 20-year mortgage with an interest rate of 4%, what would the new month payment principal and interest payment be for the new loan? (3 points) 4. Assuming that there is a prepayment penalty of $6,000 to pay off the original mortgage used in Number 1 (based on 30 years, 6% $500,000) and $1,000 in costs to obtain the new how many months would you need to hold the property with the new mortgage as described in Number 3 to offset the cost of the rotinanon? (3 points) Answer all four questions in the space provided For the toolbar, press ALT.F10PC) or ALTHAN F10 Mac BTU $ Paragraph Ari 140 PE 111 A 2 I. 36 o 5 Click Save and submit to see and submit Click Save All Asses toalla Save As a S