Please do not use Excel.

= 1) You take out a 25 year, $300,000 mortgage with constant payments at the end of each month and i(12) 7%. After 15 years, you wish to refinance the mortgage with a 10 year mortgage (also with constant payments at the end of each month) so that you pay $100 less each month than you originally were paying. Find the monthly nominal interest rate corresponding to this new mortgage. = 1) You take out a 25 year, $300,000 mortgage with constant payments at the end of each month and i(12) 7%. After 15 years, you wish to refinance the mortgage with a 10 year mortgage (also with constant payments at the end of each month) so that you pay $100 less each month than you originally were paying. Find the monthly nominal interest rate corresponding to this new mortgage