Your business borrowed $153,000 at 8.18 from the local bank. The loan was to be repaid over 30 years with 6 payments each year. You just remitted payment number 62 Due to a cash flow problem, your bank needs to recover their money from the loan sooner than they had planned. They have made arrangements to sell the loan to another financial institution. The other institution intends to pick up 172 basis points beyond the 8.1% that your bank was eaming. How much does the other institution pay to purchase the loan? Round your answer to two decimal places. Question 28 You currently have a 30 -year fixed-rate mortgage financed at 7.25% on a $227,000 home. There are 20 years remaining on the mortgage. Your banker friend telis you that for a small fee (2.93\% of the principal borrowed), you can refinance the remaining balance of your mortgage at a foxed rate of 4.75% for 20 years. What is the present value of the benefit (net savings) to refinancing? Round your answer to two decimal places. Question 29 Your business partner offers you a position that should pay-off $4,000 per year for 6 years, followed by $2,000 per year forever. In order to eam a rate of return equal to 9.98, how much should you pay to get into the position? Round your answer to two decimal places