Question: please show all your work and explain, thank you Ten years ago, Mike took out a 30-year $ 80,000 loan at an annual effective rate

please show all your work and explain, thank you

Ten years ago, Mike took out a 30-year $ 80,000 loan at an annual effective rate of interest of 6%. He was paying the loan by making level payments at the end of each year. Now, he refinances the loan so as to pay it all off in next 10 years with level payments made at the end of the year at an annual effective rate of interest of 4%. Calculate the revised annual payment. (A) $8,019.43 (B) $ 8,074.2 (C) $ 8, 122.8 (D) $8,218.84 (E) $8,265.3

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