You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2 356 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 4.250% (APR). How much do you owe on the mortgage today? (Note: Be careful not to round any intermediate steps to fewer than six decimal places.) The amount you owe today is $. (Round to the nearest dollar.) In a particular year interest rates were 7.85% and the rate of inflation was 12.3% in Australia. a. What was the real interest rate that year? b. How would the purchasing power of your savings have changed over the year? a. What was the real interest rate that year? Real rate of interest was %. (Round to two decimal places.) b. How would the purchasing power of your savings have changed over the year? The purchasing power over that year did the following: A. Increased by 4.45% B. Increased by 3.96% C. Declined by 4.45% D. Declined by 3.96%