You wish to obtain a $250,000 mortgage from banco popular and are offered a rate of 6% per year compounded monthly for 20 years. Monthly payments start one month from now .

A) Determine the monthly payment.

B) Five years from now ( immediately after you have made your 60th payment) you habe the opportunity to refinance the remaining 15 years of the mortgage at 4% per share compounded monthly. Assuming you decide to refinance, what will be your new monthly payments.

You wish to obtain a $250.000 mortgage from Banco Popular and are offered a rate of 6% per year compounded monthly for 20 years. Monthly payments start one month from now. a) Determine your monthly payment. b) Five years from now (immediately after you have made your 60th payment) you have the opportunity to refinance the remaining 15 years of the mortgage at 4% per year compounded monthly. Assuming you decide to refinance, what will be your new monthly payments