Question: For the following problem, first write the formula(s) needed, fill in your formula(s) with the corresponding numbers, then solve. Round (only the final answer) to

For the following problem, first write the formula(s) needed, fill in

For the following problem, first write the formula(s) needed, fill in your formula(s) with the corresponding numbers, then solve. Round (only the final answer) to the nearest cent. Neatly show all formula work on paper, clearly marking your answer, then upload your submission as a pdf file: Five years ago, Kim secured a bank loan of $300,000 to help finance the purchase of a lake condo. The term of the mortgage was 35 yr, and the interest rate was 9%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 35-yr home mortgage has now dropped to 7%/year compounded monthly, Kim is thinking of refinancing her property. Please round all final answers to the nearest cent (but never round within multi-step calculations). What is Kim's current monthly mortgage payment? $ What is Kim's current outstanding principal? $ If Kim decides to refinance her property by securing a 35-yr home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 7%/year compounded monthly, what will be her monthly mortgage payment? $ How much less would Kim's monthly mortgage payment be if she refinances? $

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