A $30-$year fully amortizing mortgage loan was made $10$ years ago for $$79,000$ at $6$ percent interest. The borrower would like to prepay the mortgage balance by $$10,800.$

Required:

Assuming he can reduce his monthly mortgage payments, what is the new mortgage payment?

Assuming the loan maturity is shortened and using the original monthly payments, what is the new loan maturity? Problem $4-6$

A $30-$year fully amortizing mortgage loan was made $10$ years ago for $$79,000$ at $6$ percent interest. The borrower would like to prepay

the mortgage balance by $$10,800.$

Required:

a$.$ Assuming he can reduce his monthly mortgage payments, what is the new mortgage payment?

b$.$ Assuming the loan maturity is shortened and using the original monthly payments, what is the new loan maturity?

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Assuming he can reduce his monthly mortgage payments, what is the new mortgage payment?

Note: Do not round intermediate calculations. Round you final answer to the nearest whole dollar.