(B) $6,615 (C) $3,750 (D) $7,350 (E) $3,375 8, Dan Druff got a 30 year Fully Amortizing FRM for $100,000 at an annual interest rate of 7% compounded monthly, with monthly payments After 5 years of payments, Dan can refinance the balance into a 25 year Fully Amortizing FRM at an annual interest rate of 5.25% compounded monthly, with monthly payments. If Dan refinances into this 25-year loan, what will be his monthly savings on his mortgage payment? (A) $101.22 (B) $145.50 (C) $519.80 (D) $564.08 9. Benny Fitz bought a house that costs $500,000 and appraised (was valued) at $495,000. The lender demanded that Benny purchase private mortgage insurance (PMI) to insure the portion of the loan over 80% LTV since the loan was 92% LTV (Loan to Value). Suppose 5 years later, Sam's mortgage balance is $450,000. However, Sam defaults and his house sells for $400,000 in a foreclosure auction. How much will the PMI pay to Sam's lender? (A) 60,000 (B) $5,400 (C) $65,000 (D) $10,000 (E) $59,400