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Five years ago, you acquired a 30-year loan of $130,950, charging 6.7% annual interest, compounded...

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Algebra

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Five years ago, you acquired a 30-year loan of $130,950, charging 6.7% annual interest, compounded monthly, and requiring monthlypayments. At this time, interest rates on 15-year loans have dropped to 2.2% APR, compounded monthly, and you wish to refinancewhat you still owe with a new loan at this new rate.(a) How much (in dollars) will you be refinancing? Round your answer to the nearest dollar.$(b) How much (in dollars) will your new monthly payment be after refinancing? Round your answer to the nearest cent.$

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