You acquired a $250,000 loan to help pay for your new house. Under the terms of your 30-year loan, you were required to make monthly payments of $1250. After 10 years, you decide to refinance the outstanding balance with a 15-year loan charging interest at an annual rate of 3%, compounded monthly. How much money, to the nearest dollar, will you save by refinancing? Hint: Calculate the following items 1. Original rate of interest 2. Loan balance (the amount that needs to be refinanced) 3. New monthly payment amount 4. New loan payment (after refinancing) 5. Remaining loan payment prior to refinancing You acquired a $250,000 loan to help pay for your new house. Under the terms of your 30-year loan, you were required to make monthly payments of $1250. After 10 years, you decide to refinance the outstanding balance with a 15-year loan charging interest at an annual rate of 3%, compounded monthly. How much money, to the nearest dollar, will you save by refinancing? Hint: Calculate the following items 1. Original rate of interest 2. Loan balance (the amount that needs to be refinanced) 3. New monthly payment amount 4. New loan payment (after refinancing) 5. Remaining loan payment prior to refinancing