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Five years ago, Diane secured a bank loan of $300,000 to help finance the purchase...

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Finance

Five years ago, Diane secured a bank loan of $300,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 9
compounded monthly on the unpaid balance. Because the interest rate for a conventional 30-year home mortgage has now dropped to 7.5%? year compounded monthly, Diane is thinking of re
her property. (Round your answers to the nearest cent.)
(a) What is Diane's current monthly mortgage payment?
$
(b) What is Diane's current outstanding principal?
$
(c) If Diane decides to refinance her property by securing a 30-year home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 7.5% yeal
compounded monthly, what will be her monthly mortgage payment?
$
(d) How much less will Diane's monthly mortgage payment be if she refinances?
$
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