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Should you refinance your mortgage? If you have an adjustable rate mortgage and plan on keeping your house, yes. If you can reduce your fixed interest rate by $1-2\%,$ yes. If you have a high interest rate second mortgage and the balance is large, yes. Brett Gardner and Nellie Viner are remodeling their home. They took out a second mortgage for $$120\mathrm{.}000$ at $4\mathrm{.}5\%$ for $10$ years. Their first mortgage is $$390,000$ at $3\%$ for $25$ years. Should they refinance both mortgages into one $30-$year mortgage at $2\mathrm{.}875\%?($Use the Table $15\mathrm{.}1)$ Note: Do not round intermediate calculations. Round your answers to the nearest cent.

Answer is complete but not entirely correct.

$\backslash$table$[[$Interest option $1,$$$,975\mathrm{.}30ox$