Please don't use excel. If you are using a financial calculator with "PMT" buttons please let me know what button you pushed for each value. Please show all your work and answer each part of the question, I am trying to actually learn how to do this on my own so i need to see how you got the answer. Any correct answer that follows these guidelines will get a thumbs up.

Part 1. A 20-year mortgage for $150,000 was amortized with monthly payments at 9% converted monthly. Just after making the 60th payment the borrower refinanced the balance at 7% converted monthly with the term of the loan unchanged.

Find the monthly payment.

Find the finance charge

Part 2. Using the info from part 1: A 20-year mortgage for $150,000 was amortized with monthly payments at 9% converted monthly. Just after making the 60th payment the borrower refinanced the balance at 7% converted monthly with the term of the loan unchanged

Find the new payment. __________________

Find the total savings in interest. _______________