Question: five years ago , John bought a house. he secured a mortgage from his bank for $1,420,000. The mortgage had monthly payments for 20 years

five years ago , John bought a house. he secured a mortgage from his bank for $1,420,000. The mortgage had monthly payments for 20 years with an interest rate of 6.0% compounded monthly. However, after five years, it is time to renegotiate the mortgage. Interest rates have fallen to 4.5% compounded monthly, John still intends to make monthly payments and to pay back the debt over the remaining 15 years.

a) how much were Johns' initial monthly payments

b)what is the outstanding principal on his mortgage

c) how much are John's new monthly payments?

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