11. The mortgage on your house is ten years old. It required monthly payments of $1000,...

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11. The mortgage on your house is ten years old. It required monthly payments of $1000, had an original term of 30 years, and had an interest rate of 12% (APR). During the past ten years, interest rates have fallen and so you have decided to refinancethat is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 9% (APR). a. What is your outstanding balance of the mortgage? b. If you didn't refinance, how much of your next payment goes toward reducing your principal? C. What monthly repayments will be required with the new loan? 11. The mortgage on your house is ten years old. It required monthly payments of $1000, had an original term of 30 years, and had an interest rate of 12% (APR). During the past ten years, interest rates have fallen and so you have decided to refinancethat is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 9% (APR). a. What is your outstanding balance of the mortgage? b. If you didn't refinance, how much of your next payment goes toward reducing your principal? C. What monthly repayments will be required with the new loan?