Question: 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

Dan Druff got a 30 year Fully Amortizing FRM for $100,000

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% mpounded monthly, with monthly payments. If Dan refinances into the 25-year loan, what will his monthly mortgage payment savings be? (A) $101.22 (B) $145.50 (C) $519.80 (D) $564.08

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