Question: Ann got a 15-year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 7% compounded monthly, with monthly payments. After 5 years of

Ann got a 15-year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 7% compounded monthly, with monthly payments. After 5 years of payments, Ann cun refinance the balance into a 10 year Fully Amortizing FRM at an annual interest rate of 5.25% compounded monthly, with monthly payments. If Ann refinances into this 10 year loan, what will be her monthly savings on her mortgage payment? 774.13 682.53 700,00 8305.75 8988.28 QUESTION 9 Ann got a 15 year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 7% compounded monthly, with monthly payments. After 5 years of payments, Ann can refinance the balance into a 12 year Fully Amortizing FRM at an annual interest rate of 6% compounded monthly, with monthly payments. Refinancing will cost Ann 2 points and S1,700 in closing costs. If Ann refinances into this loan after 5 years, what will be her total cost of refinancing (i.e. the cost paid immediately at the moment of refinancing)? 17,182.56 1,700 6,000 1,290.21 15,482.55

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