Five years ago you borrowed $$200,000$ to finance the purchase of a $$240,000$ home. The interest rate on the old mortgage loan is $6$ percent. Payments are being made monthly to amortize the loan over $30$ years. You have found another lender who will refinance the current outstanding loan balance at $4$ percent with monthly payments for $30$ years. The new lender will charge two discount points on the loan. Other refinancing costs will equal $$6,000.$ There are no prepayment penalties associated with either loan. You feel the approprlate opportunity cost to apply to this refinancing decision is $4$ percent.

Required:

a$.$ What is the payment on the old loan?

b$.$ What is the current loan balance on the old loan $($five years after origination$)?$

c$.$ What would be the monthly payment on the new loan?

d$.$ Should you refinance today if the new loan is expected to be outstanding for five years?

Note: For all requirements, Do not round intermediate calculations and round your final answer to $2$ decimal places.

$\backslash$table$[[$a Payment on old loan$],[$b Current balance$],[$c Monthly payment$],[$d Should you refinance today?$]]$