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1. Suppose you took a $100,000 15 year fixed-rate mortgage at 4.5% (APR) 3 years...

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1. Suppose you took a $100,000 15 year fixed-rate mortgage at 4.5% (APR) 3 years ago. Now the market interest rate has dropped to 4%, and you are considering refinance your mortgage. Hint: refinance means that you take out a new loan and pay off the old loan. (1) What was the original monthly payment? (2) Suppose you just made the 36th monthly payments. What is the remaining mortgage balance? (3) If you refinance the mortgage with another bank and keep the remaining term (that is, 12 years until the mortgage is paid off), what would the new monthly payment be

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